- CLS Holdings has exchanged contracts to sell the E.ON Allee office campus in Landshut, 80km north east of Munich, for €30.2 million to European Commercial Real Estate Limited.

CLS said the sale represented an uplift of €1.5 million, or 5.2%, over the external valuation at 31 December 2016.

The campus comprises four office properties, providing a total of 16,053 sqm (172,797 sq ft) of floor space and 225 parking spaces.

The campus was acquired in September 2006 and developed by CLS in stages to July 2012, and is let to E.ON, on leases expiring between 2020 and 2030.

Chief executive Fredrik Widlund said: "I am very pleased that we have reached an agreement for the sale of E.ON Allee.

"The campus has made a strong contribution to the cash flow and asset value of the Group and serves as a good example of our focus on active asset management in order to maximise value.

"Its sale is consistent with our strategy of disposing of peripheral and single-let assets and recycling capital into more core investment locations."

At 8:51am: [LON:CLI] CLS Holdings PLC share price was +17p at 1720p

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