29 May 2018
Palace Capital PLC
("Palace Capital", or the "Company")
Palace Capital lets 28,500 sq ft offices in Harlow
Palace Capital, the property investment company that focuses on commercial property outside London, announces that it has let 28,500 sq ft of office space at Sandringham House, Sandringham Avenue, Harlow, Essex to Exela Technologies Ltd ("Exela"), part of Exela Technologies Inc quoted on NASDAQ and based in Texas.
Sandringham House was part of the Signal Portfolio acquired from Quintain plc in 2013 and comprises an office building of 32,750 sq ft.
Exela currently leases 17,500 sq ft on terms which were due expire in June 2018. Exela has taken an additional 11,000 sq ft and signed a new lease on 28,500 sq ft for a term of five years, effective from 15 June 2018, at a headline rental of £355,363 per annum. Exela will pay a rent of £177,681 per annum until 14 November 2019 in lieu of a rent-free period. This represents an uplift in rental from £8.75 and £9.40 per sq ft to a headline rental of £12.50 per sq ft.
Neil Sinclair, Chief Executive, commented: "Our primary focus is to engage with our tenants via our active asset management strategy to maintain and grow our income, underpinning our progressive dividend policy for the benefit of our shareholders. We are delighted that a tenant of Exela's calibre has decided not only to renew its leases but to take additional space which had only recently become available."
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Allenby Capital Limited (Joint Broker)
Nick Naylor / James Reeve / Asha Chotai
Tel. +44 (0)20 3328 5656
Capital Access Group (Financial PR)
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 London Stock Exchange plc's main market (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.