11 February 2019
Palace Capital plc
("Palace Capital" or the "Company")
Palace Capital places £35m building contract for Hudson Quarter
Palace Capital (LSE: PCA), the Main Market listed property investment company that has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London, is pleased to announce that it has, through its subsidiary Palace Capital (Developments) Ltd, selected Caddick Construction Ltd, part of the Yorkshire-based Caddick Group, to undertake the construction phase of its Hudson Quarter development in York. The contract for the project is worth £35 million
On 7 February, Palace Capital announced that the Company had arranged a £26.5 million debt facility with Barclays Bank, through its Leeds office, to part finance the scheme with the remainder funded from the Company's existing cash resources.
Demolition has already been completed and construction is expected to commence this month with completion scheduled for early 2021. The development scheme will comprise of 127 apartments, 34,500 sq ft of offices, 5,000 sq ft of commercial space plus car parking.
Commenting , Neil Sinclair, Chief Executive of Palace Capital, said:
"We are delighted that we will be working with Caddick Construction over the next two years to construct this exciting development situated only one minute's walk away from York Railway Station and within the historic walls of York City."
Commenting, Andrew Murray, Managing Director of Caddick Construction Ltd said:
"This is a prestigious development in the heart of York city centre so we feel very privileged to be part of this development. The Caddick team is looking forward to the next two years where we will see new life being breathed into Hudson Quarter."
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Heraclis Economides / Oliver Hardy
Tel: +44 (0)20 7260 1000
Arden Partners plc
Paul Shackleton / Ciaran Walsh / Alex Penney
Tel. +44 (0)207 614 5900
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
Tel. +44 (0)20 3727 1000
This announcement contains information which, prior to its disclosure, was inside information for the purpose of the Market Abuse Regulation ("MAR").
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a Main Market listed property investment company that has a c.£300 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations, the highly experienced management team selects assets that provide opportunity to drive both capital value and long-term rental income through tailored active asset management programmes, ultimately delivering attractive shareholder returns.