Elite UK REIT, a real estate investment trust (REIT) based in the UK, has recently sold one of its properties, Crown Buildings in Caerphilly, for GBP710,000, a significant return of 18%. In a statement made on March 3, the manager of Elite UK REIT stated that the value of the property was GBP600,000 at the end of 2024, based on an independent valuation conducted by CBRE. The property, located in Wales, was valued at GBP530,000 at the end of 2023. The proceeds from the sale will be used to pay off Elite UK REIT’s outstanding borrowings. According to the REIT’s website, Crown Buildings, Caerphilly has a gross floor area of 20,712 sq ft.
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Thanks to the successful GBP28 million 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. Additionally, its net gearing ratio decreased from 47.5% at the end of 2023 to 42.5% at the end of 2024. The REIT also has no debt maturing in 2025 and 2026, and refinancing is not due until 2027.