LONDON (ShareCast) - (Sharecast News) - Edinburgh-based property investment and development company Caledonian Trust updated the market further on the proposed sale of St Margaret's House on London Road in Edinburgh to Drum Property Group on Friday.
The AIM-traded firm said that, as a result of the impact of various restrictions put in place to limit the spread of Covid-19, the missives in relation to the proposed disposal had now been varied, and a variation agreement was entered into on 16 July by both the company and Drum.

It said the amended missives extended the period for Drum to obtain detailed planning permission to 30 September.

The amended missives 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," the Caledonian Trust board said in its statement.

"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 and previously."

The company said it would release further announcements on the proposed disposal "at the appropriate time".

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