Caledonian Trust PLC on Friday said it has set a closing date for proposals for the sale of its London property St Margaret’s House, following ‘strong interest.’

In December, the Edinburgh-based property investment and development company proposed the sale of its largest property St Margaret’s House at 151 London Road. At the time, Caledonian said it will market the property in Spring 2023 and had already received unsolicited proposals for it.

On Friday, Caledonian said it continues to prepare to market St Margaret’s House in Spring and has received further unsolicited approaches.

Based on ‘strong interest’, the company set Thursday as closing date, by which time best and final proposals should have been submitted by potential purchasers.

Caledonian said it has received three non-binding proposals which are currently being reviewed. It noted that no proposal will be accepted that does not realise the full market value of the property.

‘All three proposals are being considered in detail and if any proposal is deemed appropriate, Caledonian Trust intends to enter into an exclusivity agreement with the preferred purchaser for a period during which the preferred purchaser will complete their due diligence and negotiate the detailed terms of any formal sale agreement to be concluded within that period,’ the company added.

Shares in Caledonian Trust were flat at 146.90 pence each in London on Friday around midday.

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