Termination of sale of St Margaret's House

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 £ 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: [phone]
Mike Baynham, Finance Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas Alex Brearley	Tel: [phone]

 

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