CLS Holdings - London SE1, Blackfriars Road

Date: 03 Apr 2000

CLS Holdings plc ("CLS") is pleased to announce the sale, on 27 March 2000, of 230 Blackfriars Road London SE1 to the Scottish Provident Institution for £20.69 million. This represents a net initial yield to the purchaser of 6.95%.

The price achieved is a significant premium to the book value of £18.5 million. The property was originally acquired by CLS in 1994 for £3.9 million at a yield of 21% and in 1998 CLS received £765,000 from Conoco, the previous tenant, in settlement of dilapidations. Subsequently £6.56 million was spent on its refurbishment by CLS prior to its letting to American Express Europe Limited and the Medical Defence Union Limited.

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