Palace Capital Share Discussion Threads

[davidosh] 24/5/2018 20:09

Just to mention that PCA will have a stand and be presenting at our MelloSouth event in Hever,Kent on 14th June and all shareholders and potential investors are welcome to attend

PCA have presented at our Mello Beckenham event before and we are very pleased to welcome them so this is an ideal opportunity to meet the management and hear about their strategy.

Do come and join us at this quality event and there will be at least 25 other companies to meet plus some fabulous keynote speakers and a large number of fund managers presenting and on panel sessions.

[sharesoc] 08/5/2018 21:56

Palace Capital's presentation and stockopedia report from our Birmingham seminar on the 1st May is available in our members area:

[brwo349] 26/4/2018 10:02

you think wrong

[ntv] 26/4/2018 09:54

XD today i think

[hugepants] 24/4/2018 13:18

That's a positive update from this shower.

"Adjusted profit before tax, allowing for the major acquisition and fundraise, likely to be ahead of market expectations"


"I am delighted with our progress since December of last year. In acquiring RT Warren, we have bought the best portfolio we have seen in over two years and I expect us to make a very strong return from it, "

[cwa1] 24/4/2018 10:10

I know they might be accused of accentuating the positive in the headlines :-) but the full picture is clearly stated in the announcement:-


5) SOLARIS HOUSE, PITFIELDS, MILTON KEYNES
The Company recently announced that they had let this 14,500 sq ft refurbished office building to Monier Redland part of the BMI Group for a term of 10 years without a break with provision for rent review at the end of the 5(th) year at a headline rental of GBP240,000 per annum (GBP16.55 per sq ft) although in lieu of rent free GBP120,000 per annum is payable until August 2021. The adjoining office buildings comprising 38,300 sq ft are let until December 2026 at GBP398,196 per annum (10.40 per sq ft) and a rent review is due this December.

[ntv] 24/4/2018 08:59

re solaris house
they say new rent is £16.55 per ft but it is not
it is only £8.28 for the next 3 and 1/2 years

[cwa1] 24/4/2018 08:03

Is it my imagination or does that update have a "fairly" upbeat tone to it?

[cwa1] 18/4/2018 07:40

Palace Capital PLC

("Palace Capital", the "Company" or the "Group")

Palace Capital leases Milton Keynes Office Building

Palace Capital, the property investment company that focuses on commercial property predominantly outside London, announces that it has let Unit 2 (known as Solaris House) located in Pitfield, Kiln Farm, Milton Keynes.

This property, comprising 14,500 sq ft, became vacant in 2016 following which the Company took the decision to refurbish the building. Solaris House has now been let to Monier Redland Ltd, part of BMI Group, for a term of 10 years from May 2018 without break with provision for a rent review at the 5(th) year. The headline rental is GBP240,000 per annum exclusive (which equates to GBP16.55 per sq. ft.) although GBP120,000 per annum is payable until September 2021 in lieu of a rent free period.

Solaris House formed part of the Sequel Portfolio which Palace Capital acquired in October 2013. The two adjoining office buildings, comprising 38,300 sq ft, were refurbished to the same specification by the Company in 2014 and are currently let to Rockwell Automation ("Rockwell") until December 2026 with provision for an upward only rent reviews in December 2018 and December 2022. Rockwell is currently paying rent equivalent to GBP10.40 per sq. ft..

Neil Sinclair the Chief Executive of Palace Capital commented;

"We are delighted with this letting to a company of the calibre of Monier Redland, a clear vindication of our decision to refurbish the building. It sets the tone for the forthcoming rent review with Rockwell."

[sharesoc] 17/4/2018 14:56

Palace Capital present at our growth company seminar on the 1st May in Birmingham. This may be of interest to shareholders and potential investors.

[sharesoc] 10/4/2018 14:32

Palace Capital present at our growth company seminar on the 1st May in Birmingham. This may be of interest to shareholders and potential investors.

[ntv] 07/4/2018 08:02

charm offensive
they going to do another placing a shaft private investors again?

[mushypeas] 05/4/2018 16:02

Bit late to launch a charm offensive.
Hope you all enjoy the free sanis.

[sharesoc] 04/4/2018 12:02

Palace Capital present at our growth company seminar on the 1st May in Birmingham.

[ntv] 07/3/2018 09:45

personally not convinced of the direction of interest rates
the housing mkt could hardly cope with another 0.5% unless long term rates stayed low
ie: 10yr fixed rate 3.5%
Brexit if it ever happens could force the bank to cut rates if the economy suffered
but WTFDIK

[ntv] 07/3/2018 09:41

could have saved some money by sorting the hedging before producing the prospectus
additional costs come out of profits

[ntv] 28/2/2018 09:14

would have been worth north of £4.50 if they hadn't bought the other portfolio

[mushypeas] 28/2/2018 09:13

Sinclair suggests N.A.V. is now north of 400p in prospectus announcement?

[ntv] 28/2/2018 09:10

steve
does seem strange
can they claim some sort of tax relief on the purchase price?
a load of VCT's recently bought at PCIP placing which destroyed the share price thersimilar to here really but a bigger discount

[steve3sandal] 28/2/2018 08:52

Hxxp://palacecapitalplc.com/assets/files/InvestorsPresentation/HY18_Investor_Presentation%20Dec-2017_FINAL.pdf
They reference a Warren Southampton letting within 6 weeks here in the Dec 17 presentation.
I am not unhappy with progress but the fundraising provided a gift to institutions. I am trying to discover why Amati Small Co.s recently took a near 3% but under 3% stake and fully disposed recently...a fund I hold through VCTs and whic( I track for ideas.

[ntv] 28/2/2018 08:22

how comes you know about the southampton property lease
i can't see a RNS about it?

[steve3sandal] 27/2/2018 21:48

Thank you Bscuit, really helpful to pick up on these wins which will hopefully repair the NAV which I feel they gave away last year. Am sure others here will welcome your commentary. Cheers

[bscuit] 27/2/2018 21:14

My approach is normally generalist and therefore did not take detailed notes.

However they did say that in the short term Hudson will be demolished in order to save on rates. They have had contact with the CEO of York Council and he is keen that offices are built rather than houses with the inevitable Affordables problem. Apparently there is a dearth of offices in the York Council area. I got the impression that they were making progress with a possible JV partner.

The Southampton office the required through the Warren deal was let within three weeks of completion and now yields 9.4% on the purchase price. Hyde Abbey House in Winchester was having dilapidations resolved, but might well be made residential once more. Warren property was the Aldi in Gosport, where they managed to get the lease extended by making car parking space adjoining the market available. The bulk of the residential is acquired through Warren have been placed with Alsopps, though three were sold back to one of the vendors who paid a full price.

Much was made of their managing to acquire companies with in-built property assets thus only paying 0.5% Stamp Duty on acquisition price rather than Stamp Duty on heritage.

They made a big point of wanting to be seen as being able to act quickly and endeavouring maximise the duties on the various properties with a view to boosting rental values. There were a number of plus points in this vein in relation to Sol Central in Northampton. Apparently there is a preference for properties near railway stations.

In some ways my comments are a re-of the Investor visitation available on the company website.

[steve3sandal] 27/2/2018 20:08

Bscuit, I wondered if you might précis what they said? Anything about how they will be able to fund the £35m needed for the Hudson House Development? Interest in the resi Warren portfolio for sale....etc.