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LONDON (Alliance News) - Palace Capital PLC on Friday said it agreed to sell 50 residential units for GBP18.2 million to the London Borough of Barnet.
The 50 residential units, which are all debt free and uncharged, currently produce a gross income of GBGP620,000 per annum, Palace Capital said.
The property investment company said the units are part of the 65 residential units portfolio, acquired from RT Warren Investments Ltd in October last year.
Out of these 65 units, Palace Capital said it sold three in February for GBP1.3 million. The 50 residential units are expected to be sold before the end of March next year.
The funds from the sale will be added to the company's cash reserves, it said, and will be ultimately deployed towards new acquisitions.
"We have found an excellent buyer and achieved a very satisfactory price within 3% of our book value," said chief Executive Neil Sinclair.
"We intend to market the remaining 10 units separately in early 2019. The sale of these units has always been one of our key action points on the Warren portfolio and we are pleased to have succeeded in this regard," added Sinclair.
Palace Capital shares were trading 1.9% higher on Friday at 299.60 pence each.