Elite UK REIT has sold Crown Buildings, Caerphilly, a vacant property located in Wales for GBP710,000, which is a premium of 18% from its valuation at the end of 2024. The sale was conducted by the trustee of Elite UK REIT, Perpetual (Asia) Limited, and was announced in a filing on March 3. The property was previously valued at GBP600,000, based on an independent appraisal done by CBRE. In 2023, the property was valued at GBP530,000.
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The proceeds from the sale of Crown Buildings, Caerphilly will be used to pay off the outstanding loans of Elite UK REIT. According to Elite UK REIT’s official website, the property has a total gross floor area of 20,712 square feet. This sale was possible due to the successful preferential offering of GBP28 million in January of 2024, which helped Elite UK REIT lower its leverage ratio from 50% to 43.4% by the end of 2024. Similarly, its net gearing ratio also decreased from 47.5% to 42.5%. The company does not have any debt maturing in 2025 or 2026, and the debt will only be due for refinancing in 2027.