Palace Capital PLC Palace Capital's sales programme continues (4626C)
January 22 2018 - 2:00AM
UK Regulatory
TIDMPCA
RNS Number : 4626C
Palace Capital PLC
22 January 2018
Palace Capital PLC
("Palace Capital" or the "Company")
Palace Capital's sales programme continues
Palace Capital, the property investment company that focuses on
commercial property outside London, today announces that it has
sold 138 Molesey Avenue, West Molesey, Surrey for GBP595,000 to a
private investor.
This industrial building comprises 5,536 sq ft and was acquired
by Palace Capital as part of the GBP32 million PIH Portfolio in
August 2014. It is let until June 2021 at a rental of GBP40,000 per
annum exclusive. The sale price was at a premium of 10% to book
value as at 30 September 2017.
In addition, the Company has now completed the sale of the
former Polestar building at Marsh Barton Exeter for GBP3.29m to
Travis Perkins. This sale was announced in the Company's interim
results on 4 December 2017 and also achieved a 10% premium to book
value as at 30 September 2017.
Neil Sinclair, Chief Executive of Palace Capital, commented:
"Although not a large sale in terms of our overall portfolio, the
disposal of the West Molesey property further demonstrates our
strategy of disposing of small properties or those where little
value added can be achieved. This is part of our agreed strategy to
actively manage our asset base, constantly seeking to retain and
invest in better performing properties. We are also pleased to have
completed the disposal of the Polestar building in Exeter as this
had presented a number of management challenges since we acquired
it as part of the Quintain portfolio in 2013."
Date: 22 January 2018
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve / Asha Chotai
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Capital Access Group (Financial PR)
Scott Fulton
Tel. +44 (0)20 3763 3400
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital is a UK property investment company admitted to
trading on the AIM Market of the London Stock Exchange (LSE: PCA).
The Company is not sector specific and looks for opportunities
where it can enhance the long-term income and capital value through
asset management and strategic capital development in locations
outside London. In its last reported financial year, Palace Capital
produced a 20.0% increase in adjusted profit before tax, a 7.0%
uplift in EPRA NAV per share and a 16.0% increase in dividends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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