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CLS Holdings Group PLC receives all rents and boosts NAV


Net asset value per share rose by 5.7% to 311.9p, while the dividend for the year went up 2% to 7.55p

PLC () reported few problems with rent collection during 2020 and said the value of its portfolio of European commercial property rose by 1.4% even with a dip in the UK.

The FTSE 250 group confirmed 99% of rents were collected during the year, up slightly on the year previously with 98% collected in the first quarter of 2021.

Net rental income in the year to end-December was flat was at £109.8mln (2019: £110.6mln) with rental increases from net acquisitions offset by COVID-19 related weakness in hotels and student accommodation

Germany was the best performer within the portfolio rising in value by 8.6% through what CLS describes as positive letting activity and other asset management, with France up 0.3% and the UK down 2.6%

Net asset value per share rose by 5.7% to 311.9p, while the dividend for the year goes up 2% to 7.55p.

Fredrik Widlund, chief executive, said: “The strengths of our diversified business model and close relationships with our tenants proved invaluable during a challenging year and led to the delivery of positive financial results with EPRA EPS and EPRA NTA both increasing.

“Our active management approach resulted in our country teams in the UK, Germany and France delivering on leasing transactions, refurbishments and strong rent collection despite the backdrop of the pandemic.

“Our portfolio is strategically well placed for the future, concentrated on great locations and offering high quality, flexible space and leases. 

“CLS’ balance sheet remains strong and once the six most recent acquisitions complete, which were exchanged at the end of 2020 and the start of 2021, contracted annualised rent will increase to £115mln.”



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