Elite UK REIT’s trustee, Perpetual (Asia) Limited, has recently sold Crown Buildings, Caerphilly at Claude Road, Caerphilly, for GBP710,000 ($1.2 million) at an 18% premium. The sale was announced in a bourse filing on March 3 by the manager of Elite UK REIT. According to the filing, the vacant property was independently valued at GBP600,000 at the end of 2024 by CBRE.
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Located in Wales, Crown Buildings, Caerphilly 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. The property, which has a gross floor area of 20,712 sq ft, was listed on the company’s website.
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Elite UK REIT’s successful GBP28 million preferential offering in January 2024 has resulted in a reduction of its leverage ratio from 50.0% at end-2023 to 43.4% at end-2024. Similarly, its net gearing ratio has also declined from 47.5% at end-2023 to 42.5% at end-2024. The company has no debt maturing in 2025 and 2026, and its next refinancing is due in 2027.