Caledonian Trust PLC Update on proposed sale of St Margaret's House (3425T)
July 17 2020 - 2:51AM
UK Regulatory
TIDMCNN
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: 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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