6 December 2021
Palace Capital plc
("Palace Capital" or the "Company")
Sale of Staines office building accelerates disposal strategy
Palace Capital (LSE: PCA) the Main Market property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London with a focus on the office & industrial sectors, announces that it has exchanged contracts to sell Fraser House, a vacant office building in Staines, Middlesex to a private company for £2 million.
The sale price reflects a significant premium to book value as at 30 September 2021 as well as the 2014 acquisition price.
The transaction brings to 10 the number of assets sold by Palace Capital so far in 2021 under its disposal strategy, which is focused on mature and non-core assets in the portfolio with a view to recycling the proceeds into higher growth opportunities.
Neil Sinclair, Chief Executive commented, "Having undertaken £23.65 million of disposals we are closing in on our target of achieving £30 million of sales in order to redeploy the capital into accretive acquisitions. We have further properties under offer and are keen to move forward with reinvestment in a prudent manner in line with our total return strategy. We have an acquisition currently in legals and a number of further opportunities under consideration."
Vail Williams acted for Palace Capital.
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Tel. +44 (0)20 3301 8331
Matthew Simpson, Chief Financial Officer
Tel. +44 (0)20 3931 9175
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Arden Partners plc
Corporate Finance: Paul Shackleton / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Claire Turvey / Katie Hughes
Tel: +44 (0)20 3727 1000
About Palace Capital plc (www.palacecapitalplc.com)
Palace Capital plc (LSE: PCA) is a UK REIT that has a £273 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 select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.