Elite UK REIT ‘firing on all cylinders’ with new strategy

Singapore-listed Elite UK REIT is pushing on with disposals as it sets out on a new strategy that will see it enter the residential sector. Most of the rent across the REIT’s 3.8m sq ft portfolio comes from the UK government, with a sizeable portfolio of sites occupied by Jobcentre Plus. But the company is now eyeing conversions to residential at certain sites.  In a third-quarter update, the company said that after selling Sidlaw House in Dundee for £1.3m, 42% above its June 2024 valuation, it had received offers for other vacant assets “at favourable valuations”.  Last month, the REIT also submitted plans for an 80-megawatt data centre campus at Peel Park in Blackpool. Chief executive Joshua Liaw said: “We are firing on all cylinders. On capital management, we made good progress in strengthening Elite UK REIT’s position through refinancing, hedging and the substantial completion of dilapidation settlements negotiations for vacant assets. “On asset management, we completed lease renewal for Theatre Buildings in Billingham, which is used as a DWP Jobcentre Plus, and divested Sidlaw House, Dundee, which are strong indicators of investors’ demand for well-located UK properties.”