Update on proposed sale of St Margaret's House

RNS Number : 3425T

Caledonian Trust PLC

17 July 2020

 

Information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

17 July 2020

Caledonian Trust plc

("Caledonian Trust" or the "Company")

Update on proposed sale of St Margaret's House

Further to the update provided on 20 April 2020 and in the Company's interim results for the six months ended 31 December 2019 announced on 31 March 2020, Caledonian Trust, the Edinburgh-based property investment holding and development company, provides an update on its proposed sale of St Margaret's House, 151 London Road, Edinburgh ("St Margaret's" or the "Property") to Drum Property Group Limited ("Drum" or the "Purchaser") (the "Proposed Disposal").

As a consequence of the impact of various restrictions put in place to limit the spread of Covid-19, the missives in relation to the Proposed Disposal (the " Missives" ) have now been varied and a variation agreement was entered into on 16 July 2020 by the Company and Drum. The amended Missives have extended the period for Drum to obtain detailed planning permission to 30 September 2020.  The amended Missives have also extended the period for Drum to obtain a pre-let agreement for the student accommodation to be built on part of the Property to 30 June 2021.

On the basis of the above, the Directors estimate that completion of the Proposed Disposal will take place in the first quarter of 2022.

Aside from the details stated above, there are no other changes relative to the previously amended Missives entered into by Drum and Caledonian Trust announced on 20 April 2020 and previously.

The Company will release further announcements on the Proposed Disposal at the appropriate time.

Enquiries:

Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer	Tel: [phone]
Mike Baynham, Finance Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas Alex Brearley	Tel: [phone]

 

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