CLS is a property investment company with a diverse portfolio of £900m of modern, well-let properties in London, France, Germany and Sweden. The company’s debt is well diversified with 64 loans from 19 banks and the loans are ring-fenced with all loans being non-recourse and at subsidiary level. The company is to further diversify its source of funding by issuing a retail bond (see below).

Between 1 January 2008 and 30 June 2012, CLS produced a total return for its shareholders (capital growth plus distributions) of 106%, making it the top performing UK listed property company. The interests of management are closely aligned with those of shareholders as management own 54% of the company.

The recently announced interim results, covering the six months to 30 June, revealed further growth in net asset value per share, as this rose to 1037.7p on an EPRA (European Public Real Estate Association) basis. The EPRA basis is used as it excludes certain non-recurring items and therefore is a better guide to the underlying business.

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