Perpetual (Asia) Limited, the trustee of Elite UK REIT, has sold Crown Buildings in Caerphilly, situated on Claude Road, for GBP710,000 ($1.2 million), representing an 18% premium.
According to Elite UK REIT’s manager, the property was vacant and had been independently valued by CBRE at GBP600,000 at the end of 2024. In the previous year, the property located in Wales was valued at GBP530,000.
The net proceeds from the sale will be used to repay the outstanding borrowings of Elite UK REIT. As stated on the company’s website, Crown Buildings in Caerphilly has a gross floor area of 20,712 sq ft.
Following its successful GBP28 million preferential offering in January 2024, Elite UK REIT has reduced 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 decreased from 47.5% to 42.5% during the same period.
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Fortunately for Elite UK REIT, there is no need to refinance any debt in 2025 and 2026, with refinancing only due in 2027.