London-listed property investment company CLS Holdings said on Monday that its wholly owned subsidiary Citadel Holdings has completed the sale of three properties in France.
London-listed property investment company CLS Holdings said on Monday that its wholly owned subsidiary Citadel Holdings has completed the sale of three properties in France.
The assets, located at 1, 15 and 21 Avenue Edouard Belin, Rueil Malmaison in a western suburb of Paris, were acquired by SGAM, an asset management company owned by Societe Generale, for a total EUR 80mln. The amount includes EUR 22mln in cash and debt of EUR 58mln. The deal reflects a net initial yield of 7.01%.
In a statement, the company said that the assets were valued at EUR 88mln at end-June. They comprise 17,618 m2 of space and were purchased by Citadel in 1999 for a total of EUR 48.5mln. The net rental income generated by the properties last year was EUR 6.1mln. CLS said it intends to hold the cash proceeds of all of these sales for the short to medium term.
Executive chairman Sten Mortstedt said: 'We are happy to have sold these assets at an attractive price. The properties have yielded good returns over our period of ownership and these sales strengthen our financial position.'
