Elite UK REIT’s trustee, Perpetual (Asia) Limited, has divested Crown Buildings, Caerphilly at Claude Road, Caerphilly, for GBP710,000 at an 18% premium.
In a March 3 bourse filing, the manager of Elite UK REIT says the vacant property was valued at GBP600,000 at end-2024 based on an independent valuation conducted by CBRE.
Located in Wales, Crown Buildings, Caerphilly was valued at GBP530,000 at end-2023.
Net proceeds from the divestment will be used to repay Elite UK REIT’s outstanding borrowings.
According to Elite UK REIT’s website, Crown Buildings, Caerphilly has 20,712 sq ft of gross floor area.
Following its successful GBP28 million preferential offering in January 2024, Elite UK REIT reduced its leverage ratio from 50.0% at end-2023 to 43.4% at end-2024. Similarly, its net gearing ratio declined from 47.5% at end-2023 to 42.5% at end-2024.
See also: Analysts’ target prices for Elite UK REIT promise 13%-42% upside
There is no debt maturing in 2025 and 2026 and refinancing is only due in 2027.
As at 10.30am, units in Elite UK REIT are trading flat at 30 pence, up 20% over the past year.
