CLS Holdings sells Swedish mixed-use asset at 11% premium

CLS Holdings has exchanged contracts to sell its Vänerparken property in Vänersborg, Sweden to Bengt Linden, a privately-owned real estate company for SEK 590 mln (€63 mln), reflecting an 11% premium on the asset's latest appraised value per end-June 2015.

The 38,909 m2 mixed-use property comprises offices and education, leisure and healthcare facilities with most of the leases renewed in 2015.

CLS received a non-refundable deposit of SEK 25 mln on exchange of contracts, and completion of the deal is due by 1 May 2016.

The sale allows CLS Holdings to focus its resources on opportunities in the UK, Germany and France, the company said in a statement. 'Since its purchase in 1998, the property has made a strong contribution to the cash flow of the group and its sale reflects our strategy of long-term investment in key European property markets and opportunistic portfolio management,' commented Sten Mortstedt, executive chairman of CLS Holdings.