- CLS on Monday forecast full-year net assets would be at the higher end of market expectations despite the sale of its stake in First Camp to Nordic Camping expected to weigh down performance.

CLS exchanged contracts to sell its 58.02% stake in First Camp to Nordic Camping for £28.7m.

The transaction would need to be cleared by the Swedish Competition Authority, which was expected before the date of completion on 1 February 2019.

In a separate transaction, First Camp also sold its shareholding in Cood for a nominal amount to the existing shareholders of First Camp in proportion to their existing holdings.

The disposal of First Camp, together with the Cood Transaction was expected to result reduce CLS's net assets by £9.9m, resulting in a fall in earnings -- stated as EPRA net asset value per share -- of about 2p a share.

But the company said it expected to deliver EPRA NAV at 31 December 2018 at the higher end of market expectations.

'I am delighted that we have been able to turn around First Camp into a profitable business prior to sale. First Camp is an owner and operator of vacation sites in Sweden, and its disposal is in line with the Group's strategy of focusing on our core business of long-term ownership of office properties in the UK, Germany and France,' said Fredrik Widlund, Chief Executive Officer of CLS.

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