What CLS Holdings does

CLS Holdings plc is a London-listed commercial real estate investment trust specialising in office, laboratory, and mixed-use properties across the United Kingdom, Germany, and France. Founded in 1994 and operating as a UK REIT since January 2022, the company owns more than 80 properties with a combined portfolio valuation of £1.70 billion as of FY2025, including named assets such as Apex Tower and The Coade in London, FleXion and Adlershofer Tor in Berlin, Maximilian Forum in Munich, The Yellow in Dortmund, and properties in Hamburg, Stuttgart, Düsseldorf, Cologne, Paris, and Lyon. The portfolio is differentiated by BREEAM sustainability certifications (Good and Very Good across multiple assets) and an articulated Net Zero Carbon pathway, with several properties repositioned for life sciences and biotech tenants in Germany's research clusters.

The company's revenue model is anchored in long-lease commercial rental income across three European jurisdictions, supplemented by opportunistic property sales as part of capital recycling (e.g., the €60 million sale of The Brix in Essen). As a REIT, CLS distributes 90% of UK tax-exempt property income to shareholders as Property Investment Distributions, providing structural tax efficiency. Operations are run through in-house asset management, property management, and facilities management teams covering leasing, refurbishments, fit-outs, and day-to-day maintenance. Customer segments include commercial enterprises, UK government departments, life sciences and biotech firms, and mixed-use operators across hospitality, residential, and retail.

FY2025 results reflected a contracting operating environment: total revenue of £139.7 million, net rental income down 11% to £101.3 million, portfolio valuation down 3.8%, and vacancy rising to 14.5% from 12.7% on anticipated London and Paris lease expiries and two German tenant insolvencies. Capital deployment in 2025–2026 — a £50 million revolving credit facility from OakNorth, the Debussy-to-serviced-apartments conversion with Edgar Suites, the Citadel Place residential redevelopment with Allies and Morrison, and lab-space repositioning — signals an active pivot toward energy-efficient, mixed-use, and life-sciences assets to stabilise and eventually reaccelerate the income base.

Name

CLS Holdings

Legal name

CLS Holdings plc

Website

https://clsholdings.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

CLS Holdings plc is a UK-listed REIT operating over 80 commercial, laboratory, and mixed-use properties across the UK, Germany, and France, generating rental income from office tenants, government departments, life sciences firms, and mixed-use operators under a sustainability-led, in-house asset management platform.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Commercial Property Rental Income: CLS Holdings generates revenue primarily through rental income from its commercial real estate portfolio across the UK, Germany, and France. The company operates as a REIT since January 2022, with 90% of tax-exempt property income paid out to shareholders as Property Investment Distributions (PIDs). Non-UK property income from Germany and France is taxed in those jurisdictions.
2. Property Sales: CLS Holdings generates additional revenue through strategic property sales, such as the sale of The Brix in Essen for €60 million, supporting portfolio repositioning and capital recycling.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

CLS Holdings owns, leases, and manages a portfolio of over 80 commercial office, laboratory, and mixed-use properties across the UK, Germany, and France. The company offers flexible workspace leasing with customisable fit-out options to commercial tenants, supported by in-house asset management, property management, and facilities management services. The portfolio is positioned around sustainability with BREEAM-certified buildings and a Net Zero Carbon pathway, operating under a UK REIT tax structure since January 2022.

Product overview

CLS Holdings is a UK-listed commercial real estate specialist (REIT) that operates as a single unified platform offering sustainable office spaces and property management services. The company's core offering consists of over 80 commercial properties spanning the UK, Germany, and France, including named properties such as Apex Tower, The Coade, FleXion, The Yellow, The Brix, and Maximilian Forum. These properties are offered through Flexible Workspace Solutions that provide tailored leasing structures and customisable fit-out options. The portfolio is supported by integrated Asset Management Services covering property management, facilities management, leasing, and refurbishments. The company positions itself as a sustainable office space provider focused on transforming properties into future-focused, energy-efficient workspaces.

Differentiator

Problem solved

Functional benefit

Products and services

• Apex Tower

Quantifiable outcome

• Properties transformed into sustainable, future-focused spaces with BREEAM certifications
• +1 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Edgar SuitescoreOthersEdgar Suites, a leading operator specialising in apartment hotels, is operating the conversion of Debussy property in La Garenne-Colombes, Paris. The property is being converted into 57 fully equipped urban suites (35-75 sqm) planned for delivery early 2027.
• Allies and MorrisonminorStrategic or Co-development PartnerCLS Holdings is working closely with renowned architectural firm Allies and Morrison on the Citadel Place redevelopment project at Spring Gardens in Vauxhall. The residential-led scheme, planned when existing tenants leave in 2026, will be at the forefront of sustainable design.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Regional REIT: UK-listed smaller-cap REIT focused on regional UK office assets. Less directly comparable geographically but relevant as a similarly sized UK office investor facing the same demand and valuation headwinds.

Direct peers

• Derwent London: London-focused office REIT with a portfolio of design-led, repositioned office buildings in mid-town and the Village fringes. Comparable in its emphasis on design, sustainability credentials, and active asset management of office product.
• Helical plc: UK-listed office-focused REIT of broadly similar scale, with a portfolio of London and South East office assets and a comparable active asset management and refurbishment-led strategy. Directly comparable as a mid-cap UK office REIT pursuing capital recycling and repositioning.
• Workspace Group: London-listed REIT specializing in flexible and serviced office space across the UK, with a similar focus on smaller, adaptable floorplates and refurbishment-led value creation. Closely aligned with CLS's flexible workspace offering and tenant mix of SMEs and creative occupiers.
• Great Portland Estates: Central London office REIT focused on prime, sustainably repositioned office space. Comparable as a UK specialist office landlord pursuing refurbishment, ESG upgrades, and active asset management to drive rental growth.
• alstria office REIT: German office specialist REIT (taken private by Brookfield) historically focused on large German office portfolios with active asset management. Closely comparable to CLS's German office footprint and operational approach.

Broad incumbents

• IWG (International Workplace Group): Global operator of flexible and serviced office space under brands including Regus and Spaces. Comparable as a large-scale player serving flexible workspace demand that CLS addresses in part through tailored leasing and fit-out options.
• Land Securities: Major UK REIT with substantial London office and mixed-use exposure, including development pipeline. A broad incumbent whose London office strategy intersects with CLS's central London focus, though at significantly larger scale.
• British Land: One of the largest UK REITs, with significant London office exposure alongside retail and lab space. Overlaps with CLS on London office and lab demand but operates at much greater scale and across more diversified asset classes.
• Aroundtown: European commercial real estate company with significant German office and hotel exposure. Directly overlaps with CLS's German portfolio and is a relevant benchmark for European office valuations and rent trends.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CLSHoldings
• LinkedInlinkedin.com/company/4719588

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CLS Holdings