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CLS To Sell 58.02% Stake In First Camp; Sees EPRA NAV At Higher End Of Market

Property investment company CLS Holdings plc (CLI.L) announced Monday that it has exchanged contracts to sell its 58.02% interest in First Camp Sverige Holding AB to Nordic Camping & Resort Bidco AB, indirectly majority owned by a fund advised by Norvestor Equity AS, for 28.7 million pounds.

The transaction will be satisfied by 21.0 million pounds in cash and a 7.7 million pounds vendor loan.

CLS said the deal is in line with its strategy to focus on its core business of office properties in the UK, Germany and France and the proceeds will be re-invested in higher yielding commercial property opportunities.

The sale is subject to receiving clearance from the Swedish Competition Authority, which is expected before the date of completion on February 1.

In a separate transaction, First Camp has sold its shareholding in Cood Investments AB for a nominal amount to the existing shareholders of First Camp in proportion to their existing holdings. Cood had net assets of 0.6 million pounds at December 31, 2018.

The disposal of First Camp, together with the Cood deal, is expected to result in a reduction in CLS's net assets of 9.9 million pounds, equating to a marginal fall in EPRA NAV of circa 2 pence per share, the majority of which will be accounted for at 31 December 2018.

Nevertheless, the company expects to deliver EPRA NAV at 31 December 2018 at the higher end of market expectations.

The 2018 full year results will be announced on March 7.

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