Income and net asset values up at CLS Holdings

CLS Holdings, the international property investment company, saw profits jump by a third in the first half of the year, benefitting from investments spread across four European property markets and three currencies.

The firm, which owns properties in London, Germany, Sweden and France, said pre-tax profits rose by 32 per cent to £37.1m in the first half of the year from £28.1m in 2010.

Its net asset value also rose by 10 per cent.

In London, CLS invests primarily in office buildings in areas such as Vauxhall, where it has recently submitted planning permission to build a hotel and student accommodation development, Spring Mews.

The group, which has £228.8m of cash aside for investments, said it was pursuing a number of “attractive opportunities” in Europe, causing shares to rise by 9.4 per cent yesterday, closing at 627p.