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| CLS Holdings sells 15 properties in France Property investment group CLS Holdings announced that its wholly owned subsidiary Citadel Holdings plc has completed the sale of 15 properties in France. The corporate structures owning the 14 properties have been sold to Foncière LFPI, a French property company, for a net consideration after costs and taxes of €44.4 million. The purchaser has also taken over or funded the repayment of the loans secured on these properties amounting to €82.6 million. The effective consideration for the sale after providing for all costs was therefore €127 million. The properties comprising 50,309 sq m (541,526 sq ft) in total have been purchased by companies in the Citadel Group over the past 10 years for an aggregate total in excess of €88 million. The annual net rental income generated by these properties in 2007 was €9.0 million from 58 current tenants, an initial yield of 6.9%. In addition, Citadel's property located at 2 Boulevard Georges Clemenceau in Courbevoie has been sold for €6.7 million to Immovalor, a member of the AGF Allianz Group. This 1,972 sq m (21,227 sq ft) building was purchased by Citadel in 2004 for the equivalent of €5 million. At the time of the sale the building was let to three tenants with no vacancy and generated net rental income of €0.5 million. write your comments about the article :: © 2008 Construction News :: home page |