Elite Commercial REIT has acquired 58 commercial buildings across the United Kingdom, its first acquisition since its listing on the mainboard of the Singapore Exchange (SGX) this February. The sales price is £212.5 million (€235.28/$279.36 million).
Elite Commercial REIT entered into a conditional share purchase agreement with Elite Bushel Holding, a subsidiary of Elite UK Commercial Fund II, to acquire 100 percent of the share capital in Elite Amphora and Elite Cask.
The properties total 1.3 million square feet and are located in major U.K. cities, such as London, Manchester, Edinburgh and Liverpool. Of the 58 new properties, 54 are freehold while the remaining are on a long leasehold tenure ranging between 83 years and 983 years. About 82 percent of the new properties are occupied by the DWP, while 17 percent are occupied by other UK Government occupiers, including the UK Ministry of Defence, National Records of Scotland, Environmental Agency, HM Courts and Tribu
