OakNorth extends €58m credit to CLS Holdings

Digital bank OakNorth has provided a £50 mln (€58.5 mln) Revolving Credit Facility (RCF) to CLS Holdings, a London-based, publicly listed specialist in sustainable office and commercial properties.

CLS Holdings

CLS Holdings manages a £1.7 bn (€2.0 bn) portfolio across the UK, Germany, and France, with over 650 tenants. They are known for their long-term ownership, active asset management, and commitment to improving building sustainability and quality.

The £50 mln (€58.5 mln) RCF from OakNorth will refinance existing debt and fund CLS's ongoing asset management and growth initiatives. This includes investing in refurbishments, leasing, and repositioning properties to meet evolving tenant demands, particularly concerning sustainability, energy efficiency, and workplace quality.

Harry Stokes, CFO of CLS Holdings, commented: “We are pleased to be partnering with OakNorth on this facility, which provides us with additional flexibility as we continue to optimise our portfolio across key European markets. OakNorth demonstrated a deep understanding of our business and the complexities involved in structuring revolving credit facilities of this nature, delivering a solution quickly and with complete transparency. This support will enable us to continue investing in high-quality, sustainable office space, while maintaining a disciplined approach to capital allocation and balance sheet management.”

Mohith Sondhi, managing director of Debt Finance at OakNorth, added: “CLS Holdings is a long-established, institutional platform with a strong track record of owning and actively managing office assets across major European cities. We continue to see strong and growing demand for high-quality, sustainable workspace, driven by occupier expectations, corporate net-zero commitments, and evolving regulatory requirements. This transaction also highlights our ability to deliver flexible, tailored capital solutions for experienced sponsors, particularly in more complex RCF structures and sectors which others have found challenging”