Elite UK Reit divesting property in England for £1.6 million

THE manager of Elite UK Reit announced in a bouse filing on Friday (Dec 20) that Perpetual (Asia) Limited, the trustee of the real estate investment trust (Reit), has entered into a sale contract to divest a property in the Reit’s portfolio. 

The divestment involves St Paul’s House, a property located in Marshfield Road in Chippenham, England, that is currently vacant, said the Reit’s manager.

It is a freehold property that spans 15,785 square feet, according to Elite UK Reit’s website. 

The Reit’s manager added that the sale will be subject to conditions precedent and will be for a sale consideration of £1.6 million (S$2.7 million). 

Net proceeds from the sale will be used to repay debt. The proposed divestment is not expected to have a material impact on the Reit’s net asset value and distribution per unit for the financial year ending Dec 31, 2024.

Units of Elite UK Reit ended flat on Thursday at £0.295.