The sale consideration represents an 18.5% premium above the property’s valuation of £1.4 million as at Jun 30
THE manager of Elite UK Reit announced in a bourse filing on Friday (Dec 20) that Perpetual (Asia) Ltd, the trustee of the real estate investment trust (Reit), has entered into a sale contract to divest a property in the Reit’s portfolio.
The divestment involves St Paul’s House, a property located in Marshfield Road in Chippenham, England, that is currently vacant, said the Reit’s manager. It is a freehold property that spans 15,785 square feet, according to Elite UK Reit’s website.
The Reit’s manager added that the sale will be subject to conditions precedent and will be for a sale consideration of £1.6 million (S$2.7 million).
The sale consideration represents an 18.5 per cent premium above the property’s valuation of £1.4 million as at Jun 30, 2024, based on an independent valuation conducted by CBRE.
Net proceeds from the sale will be used to repay debt.
The proposed divestment is not expected to have a material impact on the Reit’s net asset value and distribution per unit for the financial year ending Dec 31, 2024.
Units of Elite UK Reit ended flat on Thursday at £0.295.
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