Perpetual (Asia) Limited, trustee of Elite UK REIT, has recently sold Crown Buildings, Caerphilly at Claude Road, Caerphilly for GBP710,000 ($1.2 million), representing an 18% premium.
According to a March 3 announcement, Elite UK REIT’s manager reported that the vacant property was valued at GBP600,000 at the end of 2024, based on an independent valuation by CBRE. The property, located in Wales, was previously valued at GBP530,000 at the end of 2023. The net proceeds from the sale will be used to repay Elite UK REIT’s outstanding borrowings.
Crown Buildings, Caerphilly has 20,712 sq ft of gross floor area, according to Elite UK REIT’s website. The successful GBP28 million preferential offering in January 2024 has helped to reduce the company’s leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. Additionally, the net gearing ratio has decreased from 47.5% to 42.5% over the same period.
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It is worth noting that Elite UK REIT does not have any debt maturing in 2025 and 2026, and refinancing will not be necessary until 2027.