Caledonian Trust PLC Termination of sale of St Margaret's House (7504D)
July 01 2021 - 2:00AM
UK Regulatory
TIDMCNN
RNS Number : 7504D
Caledonian Trust PLC
01 July 2021
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") which forms part
of Domestic UK Law pursuant to the European Union (Withdrawal) Act
2018.
1 July 2021
Caledonian Trust plc
("Caledonian Trust", the "Company" or the "Group")
Termination of sale of St Margaret's House
Further to the Company's previous announcements, Caledonian
Trust, the Edinburgh-based property investment holding and
development company, announces the termination of its proposed sale
of St Margaret's House, 151 London Road, Edinburgh ("St Margaret's"
or the "Property") to Drum Property Group Limited ("Drum") (the
"Proposed Disposal").
Under the missives in relation to the Proposed Disposal (the
"Missives"), the remaining suspensive condition to be purified in
respect of the Proposed Disposal was to be Drum obtaining a pre-let
agreement for the student accommodation to be built on part of the
Property. Under the Missives, this was required to be achieved by
30 June 2021, which has not proved to be possible and as such the
agreement between Drum and Caledonian Trust has now lapsed. The
Board of Caledonian Trust shall re-market the Property for
sale.
St Margaret's is the Company's largest property and is located
in Edinburgh, approximately one mile from the Parliament and
Princes Street and adjacent to Meadowbank Stadium. The existing
building is a 92,000ft (2) multi-storey building. The Company has
planning permission in principle (PPP) at St Margaret's for a
231,000ft
(2) mixed-use development.
A book value of GBP 11 million was attributed to St Margaret's
as at 30 June 2020 in the last audited accounts published by the
Company.
Enquiries:
Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer Tel: 0131 220 0416
Mike Baynham, Finance Director Tel: 0131 220 0416
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas Tel: 0203 328 5656
Alex Brearley
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END
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