CLS Holdings invests in commercial property. The company maintains a portfolio of buildings and operates in the UK, Germany, Sweden and France.

Good performance recently on the back of half year update. Highlights include:

- net assets per share up 7.9%;
- profit after tax up 10.6% to £68.6m
- operating cash flow up 13.3% to £24.7m
- property portfolio value, £1,365.9m

Nice property play to obtain asset allocation. Bought last year and been topping up on the dips.

Current analyst targets:

Liberum 13/08/15 buy, tp 2170p
Panmure 12/08/15 buy, tp 1950p
Peel Hunt 23/03/15 buy, tp 1820p

From CLS website:

London
The London portfolio of 25 properties is currently valued at £726.3m (31 December 2014) and now represents 52% of the Group's property interests. The annualised contracted rental income is £34.9 m, which is secured by 72% of the portfolio being let to Government tenants.


Rest of UK
Initial investments were made in the UK in the 1980's concentrating on mainly high yielding office properties in central, western and south-west London.

The UK portfolio of 32 properties is currently valued at £97.6 (31 December 2014) and now represents 7% by value of the properties held by the Group. The annualised contracted rental income is £13.3m which is secured by 100% of the portfolio being let to Government tenants, the majority of which are on leases in excess of 10 years.

Sweden
The Swedish portfolio consists of Vänerparken, a 45,500 sq m office and leisure complex acquired in 1998.

Vänerparken was valued at £46.9m at 31 December 2014, representing 3% of the Group portfolio. It generates an annualised contracted rental income of £5.9m.

This investment was augmented with the purchase of Solna Business Park, Stockholm in mid 1999. This added a further 112,900 square meters of mixed office, warehouse and light industrial space to the Swedish portfolio. The properties in Solna underwent a major refurbishment and re-letting process that added a further 15,000 sq m of lettable space. Solna Business Park was sold in June 2006 for £267.0m.

The portfolio was further enhanced in January 2002 with the purchase of Lövgärdet, which comprised 1,282 apartments and 33,500 sq m of commercial space. In February 2006 we took advantage of the strong investment market in Sweden and sold our investment at Lövgärdet.

France
The French portfolio was valued at £225.1m at 31 December 2014, consisting of 26 properties (including 1 in Luxembourg) representing 18% of the Group portfolio. It generates an annualised contracted rental income of £17.5m.

When Citadel Holdings plc was formed and listed on the Alternative Investment Market in 1997 with a holding of five properties in Lyon, CLS held a 12% stake and undertook its management. By June 2000 the portfolio had increased to 23 properties, mainly situated in Paris, generating annualised profit before tax of over £4m. In September 2000 CLS Holdings plc acquired Citadel Holdings plc on the basis of three new shares in CLS for every five held in Citadel.

Germany
In the summer of 2005 we took the decision to invest in Germany, a market where we could see good returns being achieved on selective purchases.

At 31 December 2014 the German portfolio comprised 19 properties with a valuation of £235.5m (20% of the Group portfolio), generating annualised contracted rental income of £16m.

Another good rise taking us back up to £20.

Acquisition of Tangentis, Munich helping to spread portfolio split:

London 57%
Rest of UK 7%
Germany 18%
France 15%
Sweden 3%

I wonder if these guys will have to revise their portfolio. Sp recovering, but they seem over exposed to London.

Is that dive in the chart in May genuine?

No Stan, chart needs to be corrected.

"Completion of Share Subdivision & Total Voting Rights

Further to the announcements made on 8 February 2017 and 15 March 2017, the Company confirms that the share subdivision of the Company's existing Ordinary Shares of 25 pence each into new Ordinary Shares of 2.5 pence each ("New Ordinary Shares") has become effective and that the Official List of the UKLA has been amended to reflect the share subdivision (the "Subdivision").