Perpetual (Asia) Limited, the trustee of Elite UK REIT, has sold Crown Buildings, Caerphilly located on Claude Road in Wales for GBP710,000 ($1.2 million). This price represents an 18% premium over the property’s value at the end of 2024, which was estimated to be GBP600,000 based on an independent valuation by CBRE.
Crown Buildings, Caerphilly was previously valued at GBP530,000 at the end of 2023. The net proceeds from the sale will be used to pay off outstanding borrowings for Elite UK REIT. The property has a total gross floor area of 20,712 sq ft, according to the company’s website.
Following a successful preferential offering 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. Its net gearing ratio also decreased from 47.5% to 42.5% during the same period.
The company has no debt maturing in 2025 and 2026, and its next refinancing is not due until 2027.