Perpetual (Asia) Limited, the trustee of Elite UK REIT, has announced that it has sold Crown Buildings, Caerphilly, located on Claude Road in Caerphilly, for GBP710,000 which is equivalent to $1.2 million. This price includes an 18% premium.
In a filing on March 3, the manager of Elite UK REIT stated that the vacant property was valued at GBP600,000 at the end of 2024 based on an independent valuation conducted by CBRE. Crown Buildings in Caerphilly, 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 is listed on the Elite UK REIT website as having 20,712 square feet of gross floor area.
After a successful preferential offering worth GBP28 million in January 2024, Elite UK REIT was able to reduce its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. Net gearing also decreased from 47.5% at the end of 2023 to 42.5% at the end of 2024.
It is worth noting that there is no debt maturing in 2025 and 2026, and refinancing is not due until 2027.
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