London-listed property investment company CLS Holdings has sold its 33% stake in the London Bridge Quarter project to Zijaj Limited for £30 mln (EUR 40 mln). The stake comprises two property developments, the 72-storey skyscraper known as the Shard of Glass and New London Bridge House, both adjacent to the London Bridge Station.
London-listed property investment company CLS Holdings has sold its 33% stake in the London Bridge Quarter project to Zijaj Limited for £30 mln (EUR 40 mln). The stake comprises two property developments, the 72-storey skyscraper known as the Shard of Glass and New London Bridge House, both adjacent to the London Bridge Station.
CLS noted the sale had been completed 'despite the significant adverse change in the commercial property and lending environment since June.' However, CLS estimates the impact after costs on the CLS Group since June 2007 of the sale of its stake will be a loss of about £25 mln, representing a reduction of approximately 37 pence on the last reported adjusted net asset value per share at 30 June 2007 of 869 pence. CLS said it planned to hold cash proceeds from the sale for the short to medium term.
Once completed, the striking 310-metre tall glass Shard tower will be the tallest building in the UK.
