CLS Holdings highlights resilient leasing and balance sheet progress
By Iain Gilbert
Date: Tuesday 02 Dec 2025
(Sharecast News) - Property investor CLS Holdings said on Tuesday that it had made further progress against its strategic priorities in the second half of 2025, including improving occupancy, executing disposals, and refinancing debt.
CLS completed 19 leasing deals between July and September, securing £2.6m of annual rent at 3.5% above estimated rental values.
Significant transactions followed in October and November, including an eight‑year index‑linked lease for 158,000 square feet in Dortmund with a government department, and new lettings in London to a serviced office provider, a social media technology company and an environmental consultancy. On a pro forma basis, these deals were expected to reduce group vacancy by 1.2%.
The FTSE 250-listed business also said it was more than halfway through its £400m sales programme, having disposed of assets in Lille and Hamburg for £24.3m, reducing loan‑to‑value to 48.8% at the end of September. CLS, which refinanced or repaid £373.7m of debt maturing in 2025, noted that cash stood at £53m with a further £43m of undrawn facilities available.
CLS added that rent collection remained robust, with 97% of Q4 contractual rents received and 99% collected across the first three quarters of 2025.
Chief executive Fredrik Widlund said: "Although broader economic and political developments have slowed down leasing activity and decision making since the summer, leasing activity continues to hold up well, with the same value of letting transactions as last year and rental growth continuing across our markets and we are pleased to have recently signed several significant leases.
"Demand for high-quality office space continues to be evident, and we remain committed to delivering long-term shareholder value by investing and focusing on well-located, flexible properties in strong locations."
As of 1000 GMT, CLS shares were up 0.70% at 57.60p.
Reporting by Iain Gilbert at Sharecast.com
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