CLS vacancy rates buoyed by markets

Joseph Millis
CLS said demand from existing and potential occupiers was steady
CLS Holdings yesterday said the vacancy rate across the group reduced to 3.1 per cent by rental income from 3.5 per cent since the end of June, helped by the markets in London and France.

CLS said demand from existing and potential occupiers was steady, with good interest in London and France.

“Continuing signs of resilience in the UK economy, both in London and elsewhere, bode well for CLS. I am particularly pleased that our group vacancy rate has been reduced to its lowest ever level, a result of the persistent implementation of our successful strategy across Europe,” Sten Mortstedt, executive chairman, said in a statement.

Mortstedt also noted that CLS’ mixed-use development at Spring Mews in London was completed on time and budget, and that Clifford’s Inn, also in London, would reach completion later this month. He said CLS expected the news to be reflected in the values of Spring Mews and Clifford’s Inn at the end of December.

“The group’s core activities are performing well, cash generation is strong and our cost of debt remains low,” Mortstedt said.

CLS shares closed down 1.79 per cent at 1,375p.