CLS (CLI) Trading Update summary

Financial performance and valuation

• 2024 EPRA earnings and Net Tangible Assets expected to meet market expectations, with full-year property valuations down 5.8% in local currency and 8.3% including Sterling strength.

• Valuations in Germany and France stabilized in H2 2024, while UK saw a larger decline due to lease changes at a major asset.

• Loan-to-value (LTV) ratio rose to 50.7% at year-end due to valuation declines.

Leasing, occupancy, and vacancy

• 112 leasing deals signed in 2024, securing £16.6m annual rent, with letting activity above 2023 levels and healthy rental growth.

• Major new lettings and renewals in Germany and UK, including long-term leases with the City of Dortmund and Médecins Sans Frontières.

• Underlying vacancy fell to 10.6% by year-end, but total vacancy increased to 12.7% due to completed refurbishments.

• Two-thirds of vacant space is high EPC rated, supporting expectations for further letting progress.

Disposals and capital recycling

• Five properties sold for £66.1m in 2024, in line with book value, as part of a £270m disposal programme.

• Sale of Spring Mews student accommodation in final stage, targeting over £100m.

• Additional disposals agreed for £29.2m, with further sales planned to fund refurbishments and redevelopment.