CLS Holding Plc - Offices Letting - Paris, Courbevoie, 56 Boulevard de la Mission Marchand and 53/55 rue Capitaine Guynemer

Date: 11 Jul 2001

The Board of CLS is pleased to announce new lettings at two of the Company's French properties located to the west of Paris.

GEFCO, a subsidiary of PSA Peugeot Citroen, has taken a new institutional lease of 1,175 sq m (12,629 sq ft) at a total of FRF 2,850 per sq m (£24.35 per sq ft), FRF 3,348,750 (£307,225) p.a. at 56 Boulevard de la Mission Marchand, Courbevoie. The space was previously let at FRF 1,338 per sq m. This represents an annual increase of FRF 1,776,000 (£162,935), i.e. an increase of 113% over the previous rent payable.

At 53/55 rue Capitaine Guynemer an existing tenant, TEVA Pharma, a Nasdaq quoted company with a market capitalisation in excess of USD 5 billion has taken an additional institutional lease for 214 sq m (2,300 sq ft), paying a rent of FRF 3,000 per sq m (£25.64 per sq ft). The premises were previously let at FRF 1,156 per sq m. This increase of FRF 394,600 (£36,200) p.a. represents an increase of 162% over the previous rent payable.

CLS Holdings plc's Executive Chairman, Sten Mörtstedt, said:

"These lettings demonstrate the large increases in rents obtained in Paris for new lettings over the last 2 years for good quality buildings. I am very pleased that through active management of our French properties we have been able to increase the rental income to today's market level and hereby realised a small part of the reversionary potential of our Parisian portfolio."

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