Date of Report: October 3, 2024
Broker: Maybank Research Pte Ltd
Divestment Announcement
Elite UK REIT has announced the divestment of Sidlaw House, located in Dundee, as part of its strategic portfolio management.
Sale Details
The property is currently vacant and has a sale consideration of GBP1.275 million (approximately SGD2.2 million). This sale consideration represents a significant 41.7% premium above its independent valuation of GBP900,000 as of June 30, 2024, conducted by CBRE Limited.
Financial Impact
The net proceeds from the divestment are intended to be used for repaying the REIT’s outstanding borrowings. Despite this strategic move, the group anticipates that the divestment will not have a material impact on Elite UK REIT’s net asset value and distribution per unit for the financial year ending December 31, 2024.
This information is extracted from the October 3, 2024, Maybank Research Pte Ltd report.
