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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FURSDEESSEFSEEM

(END) Dow Jones Newswires

July 01, 2021 02:00 ET (06:00 GMT)

Caledonian (LSE:CNN)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Caledonian Charts.
Caledonian (LSE:CNN)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Caledonian Charts.