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PCA Palace Capital Plc

229.50
-1.50 (-0.65%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Palace Capital Plc LSE:PCA London Ordinary Share GB00BF5SGF06 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -0.65% 229.50 227.00 232.00 228.00 225.00 228.00 11,987 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 33.3M -35.7M -0.9506 -2.39 85.26M

Palace Capital PLC Palace Capital's sales programme continues (4626C)

22/01/2018 7:00am

UK Regulatory


Palace Capital (LSE:PCA)
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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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(END) Dow Jones Newswires

January 22, 2018 02:00 ET (07:00 GMT)

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