Elite Commercial REIT (Elite REIT) has entered into a conditional share purchase agreement for the purchase of 58 commercial buildings across the United Kingdom for £212.5 million, announced its manager. This will be their first acquisition since its initial public offering (IPO) in Feb this year and will be via the acquisition of 2 special purpose vehicles (Elite Amphora Limited and Elite Cask Limited), from Elite Bushel Holding Limited, a subsidiary of Elite UK Commercial Fund II. The agreed price of £212.5 million was negotiated on a willing-buyer and willing-seller basis and takes into account the independent valuations of the properties conducted by Colliers International Valuation UK LLP and BNP Paribas Real Estate Advisory & Property Management UK Limited. The New Properties are 99% leased to UK Government entities, and will extend the REIT’s exposure to AA-rated UK Sovereign credit, whilst diversifying their occupier mix. The new properties are...