CLS Holdings said on Thursday that it had made property sales of £47.4 million in the period from 1 January to 14 May this year. The company added that the leasing market remained stable and that it had lower vacancy rates in the period.

The company said that vacancy levels had fallen from 5.8 per cent at 31 December 2007 down to 3.55 per cent on 14 May 2008. CLS said it had achieved the drop by attaining full occupancy at its CI Tower and Ingram House properties.

CLS said that underlying profit for the company remained strong thanks to increased net rental income and tightly controlled costs.

The company's debt levels also dropped from £798 million at 31 December 2007, down to £712 million at 9 May 2008.

Speaking on the long term prospects of the company, Sten Mortstedt, executive chairman of CLS said, Although we consider that property values will continue to soften in the near term, we take a long term view and believe that our current strategy will yield benefits in the future.

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