CLS Holdings* (CLI LN, BUY, T/P 310p) - Initiation | Proactive Strategy Yields Results
CLS Holdings, the FTSE 250 commercial property company with a £1.8bn office portfolio in the UK, Germany and France, reported very strong 2017 results. The sale of the Vauxhall Square development site for £144m and the Metropolis portfolio acquisition in Germany for £140m were transformational events. The Group has an outstanding NAV growth track record and there is significant potential for the Group’s outperformance to continue. We initiate coverage with a Buy recommendation and a target price of 310p.*Whitman Howard acts as joint broker to CLS Holdings
CLS Holdings is an investment property company. Co. is principally involved in the investment, management and development of commercial properties, and in other investments. Co.'s principal operations are carried out in the U.K., Germany and France. Co. owns and manages offices in good, non-prime locations close to major transport links. As of Dec. 31, 2017, Co. had a total of 129 properties with 72 properties are located in the U.K., 33 properties in Germany, and 24 properties in France. As of Dec 31 2017, Co.'s total portfolio are valued at £1.77 billion.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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