Elite UK REIT to divest Dundee property for $2.16m

This represents an over 40% premium above valuation.

The manager of Elite UK REIT has entered into a contract of sale to divest Sidlaw House, Dundee, DD2 1DX , which is currently vacant, for $2.16m (GBP1.275m).

In a bourse filing, Elite UK REIT Management Pte. Ltd. said the sale consideration represents a 41.7% premium above its valuation of $1.53m (GBP900,000) as at 30 June 2024.

Net proceeds from the divestment will be used for repayment of the REIT’s outstanding borrowings.

The transaction is not expected to have a material impact on Elite UK REIT’s net asset value and distribution per unit for the financial year ending 31 December 2024.

$1 = GBP0.59

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