StockMarketWire.com - CLS Holdings has exchanged contracts to sell its Vänerparken property in Vänersborg, Sweden for SKr590 million to Bengt Linden AB, a privately-owned real estate company. The 38,909 sq m (418,813 sq ft) mixed-use property comprises offices and education, leisure and healthcare facilities on which leases comprising a significant amount of the property's income were renewed in 2015.

CLS received a non-refundable deposit of SEK 25 million (£2.1 million) on exchange of contracts, and completion is due by 1 May 2016. Excluding costs, the sale represents an uplift of SEK 59 million (£4.9 million) or 11.0% over the external valuation as at 30 June 2015.

CLS says sale takes advantage of the very strong Swedish property market to release value built up over more than 15 years, and allows the Group to focus its resources on opportunities in the UK, Germany and France.




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