- Caledonian Trust said expected it to take around two years to complete the proposed £15m sale of its St Margaret's House property in Edinburgh to Drum Property Group

Caledonian Trust said Drum had made good progress pursuing development proposals, including completing necessary investigation ground conditions and resolving technical challenges.

Drum was now in a position to finalise its proposals for submission of the requisite applications for detailed planning consent.

Drum must submit planning applications by a date three months from 23 May.

It would then have a year to secure such consent, following which it would have three months to conclude a pre-letting of its proposed development.

'On the basis of the sequence of key events described above, the directors expect that completion of the proposed disposal will take 24 months from today's date,' Caledonian Trust said.

At 2:10pm: [LON:CNN] Caledonian Trust PLC share price was -20p at 225p

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