CLS Holdings completes sale of Centenary Court for £14.4m

CLS Holdings has completed the disposal of Centenary Court in Bradford to a private investor for £14.35m.

The current annual rent from the property - which comprises 105,200 sq ft (9,773 sqm) and is let in its entirety to HMRC until April 2027 - is £2.3m. HMRC has made public its intention to vacate the property and transfer its functions to a regional centre.

The property was valued at £14.35m at 30 June 2017 and CLS said the sale will not impact the group's reported net asset value at 30 June 2017.

Chief executive officer Fredrik Widlund said: "Since its acquisition four years ago, Centenary Court has generated strong double digit returns, but now is the time to reinvest its capital into assets that better fit with the group's strategy and geographical focus in the south east of the UK."

At 0805 BST, the shares were up 0.9% to 222.83p.