CLS has net assets up by 10.3 million on the year to 367.5 million, and after tax it's profit for the year was 38.8 million, hit by the valuation of swaps and a lower uplift in portfolio values than last year (60.1 million). It has a firepower of around 140 million available for investment, but with an LTV of 62% it is quite highly geared.

CLS is best known for the planning applications it has submitted for the two significant mixed-use schemes in Vauxhall West London - Spring Mews (20,800 sq m) and Vauxhall Square (154,000 sq m).

Managed by Swede Sten Mortstedt, the group has a different perspective to most, of the Eurozone financial crisis. CLS has succeeded in refinancing 113.2 million of existing debt and raised a further 33.0 million. In May they issued the Group's first corporate bond, a SEK 300 million issue in Sweden, which has been listed on the NASDAQ OMX in Stockholm. The group also invests in corporate bonds, where it has a portfolio of 39 different bonds totalling 85.1 million, which are producing 10.2% annually.

This success in raising new finance is encouraging in a climate where a number of banks are closing for new business. But CLS is financed by 20 banks, which at least spreads it's opportunity, and says it has to talk to around 15 every time it has a need.

CLS has a vacancy rate which reduced over the year from 4.3% to 3.9%. and it says tenant demand is stable. The weighted-average unexpired lease term is 7.7 years and the Group's largest tenant concentration is with the Government sector (40%); 65% of rental income is subject to indexation.

Mortstedt, Executive Chairman of CLS, said:

"We have made significant progress in our core business with a robust performance in letting, financing and development. The Group is solidly placed, with a strong balance sheet, a very healthy cash flow, and a high level of liquid resources for investment when we see the right opportunities. We continue to attract new tenants, maintain low vacancy and progress added value development plans, and, therefore, I am optimistic that we can continue to deliver for shareholders."

Shares in CLS closed on Friday at 646p valuing the firm at 290 million, compared to it's NAV per share of 817.5p.