real estate investment firm CLS Holdings has sold two properties in Central London to Aziz Family Trust Companies, represented by Criterion Capital, for £57mln (EUR 72mln).

real estate investment firm CLS Holdings has sold two properties in Central London to Aziz Family Trust Companies, represented by Criterion Capital, for £57mln (EUR 72mln).

The first property is a nine-storey leisure and retail building at One Leicester Square. Comprising 3,523 m2, the premises generates an annual income of £1.7mln. The transaction price was £33.7mln, reflecting a net initial yield of 4.8%.

The second property, Coventry House, Haymarket, overlooks Piccadilly Circus and comprises 18 apartments above a restaurant. CLS Holdings said 14 of the apartments have been sold on long leases. In addition, an electronic screen at roof level is let on a revenue sharing basis to Clear Channel. The property, which generates income of £1.5mln per annum, was sold for £23.5mln, representing a net initial yield of 5.9%.

CLS Holdings said the sales represent a premium of £4.4mln or 8.4% ahead of the valuations in December 2007. Kingly Partners and Colliers acted on behalf of CLS in the sale of One Leicester Square.

CLS Holdings executive chairman Sten Mortstedt commented: 'We are pleased to have achieved sales of these two Central London properties. Our core investments remain principally in offices and having carried out extensive works and re-lettings at both properties, we felt it was timely to sell.'

London-based CLS Holdings has been listed on the London Stock Exchange since 1994 and has a property portfolio in London, France, Sweden and Germany which was valued at £1,2bn at end-December 2007.