CLS Holdings has sunk to an £82m pretax loss as values shrink.
Announcing its annual results to the end of 2022, the office specialist said that depsite this, and net assets falling by 6% to £329.6m, the £2.35bn portfolio was performing well.
Chief executive Fredrik Widlund said: “Against the backdrop of a challenging economy and uncertain property market, CLS has delivered solid and resilient results ahead of market expectations with lower relative valuation and NTA declines, reflecting the quality and locations of our properties and higher EPRA earnings.”
CLS owns property across the UK, Germany and France. In 2021 the group made a profit of £91.5m.
Widlund added: “Over the last year, we have continued to invest in our properties to make them sustainable and attractive to tenants and ensure that we have the best offices in our locations. With the economic outlook and monetary policy conditions across our markets remaining uncertain, our focus in 2023 is to optimise our planned refinancings and leverage our in-house asset management capabilities to reduce vacancy rates, which will position the company well for the future.”
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