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CLS Holdings posts half-year NAV and profit growth

CLS sells government-let office portfolio for £65m

CLS Holdings posts half-year NAV and profit growth – The company has reported a 5% rise in net asset value for the first half of 2019 as well as a 28.2% jump in profits.

CLS, which has£2.1bn portfolio in the UK, Germany and France, posted a EPRA NAV per share of 325.3p, compared to 309.8p in December 2018. The group also revealed a 6% increase in rent to £116.2m in the first half.

Pre-tax profit rose 28.2% to £84.6m, while basic earnings per share was up 12% to 16.8p. The group also increased the interim dividend 6.8% to 2.35p. 

Financial highlights

The 5% growth in EPRA NAV was primarily through portfolio valuation gains of £36.9m and the increase in the value of its shareholding in Catena of £21m after foreign exchange variations. Pre-tax profit also benefited from increased rental income from acquisitions, new lettings and indexation.

Operational highlights

The company acquired six properties in the period for a total of £111.7m in the UK, Germany and France, at a 5.6% net initial yield, while it disposed of two properties, in Germany and the UK, for £4.3m. A previously announced disposal of its 58% stake in First Camp for £28.7m also completed in the period.

Since period end it has exchanged on one acquisition in Germany for £27.3m (5.1% net initial yield) and agreed five disposals in Germany, France and the UK for £110.8m (3.7% net initial yield).

In the period CLS completed 78 lease events securing £6.9m of annual rent at 4.3% above 31 December 2018 Estimated Rental Value. 

Net rental income increased by 5.9% to £53.8m, while it recorded a portfolio valuation uplift of 1.9% driven by Germany and France.

CLI : CLS Holdings posts half-year NAV and profit growth


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