United Hampshire US Reit again extends due-diligence period for divestment

THE manager of United Hampshire US Real Estate Investment Trust (UHReit) announced Tuesday (Apr 5) that it has granted yet another extension of the due-diligence period for the proposed divestment of 2 self-storage properties.

In a bourse filing, the real estate investment trust (Reit) manager said the purchaser will require more time as it is still carrying out its due diligence on the properties.

This is the third extension granted, with the due diligence period now extended to Apr 11.

Pursuant to the terms of the conditional purchase-and-sale agreement, purchaser Storage Post was entitled to carry out due diligence on the properties by Mar 21.

The due diligence period was first pushed back to Mar 28, and later postponed again to Apr 4.

During this period, the purchaser is entitled to terminate the agreement at any time and for any reason, or for no reason at all, and be refunded the deposit.

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UHReit had in February announced the proposed divestment of the 2 freehold properties - Elizabeth Self-Storage and Perth Amboy Self-Storage - for a total sale consideration of US$49 million.

Units of UHReit closed flat at US$0.65 on Tuesday, before the announcement.