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Perpetual (Asia) Limited, the trustee of Elite UK REIT, has sold Crown Buildings in Caerphilly for GBP710,000 ($1.2 million), which represents an 18% premium. The sale was announced in a filing to the bourse on March 3.
The building, located in Wales, was valued at GBP600,000 at the end of 2024 based on an independent valuation by CBRE. This is an increase from its value of GBP530,000 at the end of 2023.
According to Elite UK REIT’s website, Crown Buildings has a gross floor area of 20,712 sq ft and is currently vacant. The net proceeds from the sale will be used to pay off outstanding borrowings.
Thanks to a successful GBP28 million preferential offering in January 2024, Elite UK REIT has been able to decrease its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. Similarly, its net gearing ratio has dropped from 47.5% to 42.5%.
Fortunately, there is no debt maturing in 2025 and 2026, and any refinancing will not be required until 2027, providing Elite UK REIT with a stable financial position.