CLS Holdings sells three properties for £12.4m

CLS Holdings has unconditionally exchanged contracts to sell three properties in Peterborough in the UK and Hamburg in Germany for £12.4m.

Clifton House and 126-128 Park Road in Peterborough were sold to a private investor for £6.2m. The properties, which comprised 57,522 sq ft (5,344 sqm) of office space, were valued at £6m at the end of June last year.

Meanwhile, Merkurring 33-35 in Hamburg - which was valued at €6.7m in June 2017 - was sold to a German real estate fund for €7m.

CLS said the decision to sell the properties was driven by their small individual lot sizes and non-core locations.

Chief executive Fredrik Widlund said: "I am very pleased that we have begun the year with the sale of these three, smaller properties. Consistent with our strategy, the disposal of these non-core assets will allow us to re-invest in properties where there is more scope for us to add value through active asset management."