- Founded by the Mörtstedt family in 1992, CLS Holdings specialises in transforming office and commercial properties across the UK, Germany and France;
- With a property portfolio totalling £1.7bn, CLS currently has over 650 occupiers spread across its 80 sites, including blue-chip organisations and government departments;
- The £50m loan from OakNorth will be used to refinance existing debt, as well as drive future growth of CLS’ property portfolio;
- Occupiers continue to focus on modern, sustainable office space, driven by corporate net-zero targets and ESG regulations[1].
London, 20 April, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £50m RCF to sustainable office and commercial property specialist, CLS Holdings.
Headquartered in London and listed on the London Stock Exchange, CLS Holdings is focused on owning, managing, and repositioning office and other commercial assets across the UK, Germany, and France. With a portfolio valued at approximately £1.7bn and a diverse tenant base of over 650 occupiers, including government bodies and major corporates, CLS has built a reputation for its long-term ownership strategy, active asset management approach, and focus on enhancing the sustainability and quality of its buildings.
The £50m RCF provided by OakNorth will be used to refinance existing debt, as well as provide finance to support CLS’ ongoing asset management initiatives and future growth plans. This includes continued investment into refurbishment programmes, leasing activity, and the repositioning of assets to meet evolving occupier demands, particularly around sustainability, energy efficiency, and workplace quality.
Harry Stokes, Chief Financial Officer of CLS Holdings, commented on the transaction: “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. Supporting businesses like CLS, which are actively investing in and upgrading their portfolios to meet this demand, is increasingly important. 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”
ENDS
About OakNorth
[1] Savills – Impacts 2025: Five Years, Five Big Changes: The Trends Shaping What Tenants Want From Offices
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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[1] Savills – Impacts 2025: Five Years, Five Big Changes: The Trends Shaping What Tenants Want From Offices