The sale consideration represents a 41.7% premium above its valuation of GBP900,000 as at June 30, based on an independent valuation conducted by CBRE.
Net proceeds from the divestment are set to be used for the repayment of the REIT’s outstanding borrowings.
According to the group, the divestment is not expected to have a material impact on Elite UK REIT’s net asset value and distribution per unit for the financial year ending Dec 31.
Units in Elite UK REIT closed 1 pence higher, or up 3.23%, at 32 pence on Oct 2.
See also: REITs vs private funds? The more options, the better, says Cushman & Wakefield head
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