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CLS renews 14 Government leases

04 October 2017 08:03

CLS Holdings has completed lease renewals with the Secretary of State for Communities and Local Government on 14 properties across the UK for which the SSCLG had leases which were due to expire, or had a break clause effective, on 31 Mar 2018.

It said the properties were predominantly used as Job Centres by the Department for Work and Pensions.

CLS said new 10-year leases had been granted on 13 properties which, with 11 having breaks in 2023 or 2026, provide a weighted average unexpired lease term to first break of 6.8 years.

It said one property's lease had been extended on a short-term basis.

CLS aid the annual rent from the properties would be £5.5 million (previously: £6.5 million), with the majority index-linked to the Consumer Price Index.

None of the leases had a rent-free period or other inducement.

At 8:03am: (LON:CLI) CLS Holdings PLC share price was -0.2p at 202.5p

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