Caledonian Trust makes progress on delayed St Margaret's House sale
By Josh White
Date: Wednesday 30 Sep 2020
(Sharecast News) - Edinburgh-based property investment and development company Caledonian Trust updated the market on its proposed sale of St Margaret's House on London Road in Edinburgh to Drum Property Group on Wednesday.
The AIM-traded firm confirmed that Drum had "purified the suspensive conditions" relating to obtaining detailed planning permission and all other consents in relation to the property, which had satisfied these suspensive conditions contained within the missives on the proposed disposal.
It said the remaining suspensive condition to be purified for the proposed disposal would be Drum obtaining a pre-let agreement for the student accommodation to be built on part of the property, which under the missives was required to be achieved by 30 June 2021.
"The directors' expectations remain that completion of the proposed disposal will take place in the first quarter of 2022," the board said in its statement.
"The company will release further announcements on the proposed disposal at the appropriate time."
At 1416 BST, shares in Caledonian Trust were up 5.45% at 116p.
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10 Lower Thames St,
London EC3R 6EN