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Share Price: 232.00

Bid: 232.00

Ask: 234.00

Change: -2.00 (-0.85%)

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Open: 233.00

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Palace Capital buys central Halifax property

Mon, 14th Mar 2016 15:33

(ShareCast News) - Palace Capital extended its investment reach into the heart of Halifax on Monday, announcing it had acquired the entire issued share capital of Gregory Projects (Halifax).The AIM-traded property investment company said the the target was a special purpose vehicle, and the owner of the Broad Street Plaza leisure development in the West Yorkshire town.Palace Capital said the amount it paid reflected a freehold value of £24.18m, with the acquisition being an off-market transaction. The consideration comprised of Palace Capital assuming Gregory's existing facility with Barclays of £15.2m, and £9m of Palace's existing cash resources.Broad Street Plaza, completed in 2012, was on an island site opposite the bus station and Town Hall in Halifax. It consisted of 113,000 square feet and a 429-space multi level car park, with a current net rental income of £1.78m per annum. The initial net yield on the investment was 7.25%, rising to 7.9% in 2017 after rent reviews."Palace Capital is delighted to announce another significant acquisition of a major regional leisure scheme. Broad Street Plaza was chosen by The Variety Yorkshire Property Awards in 2012 as the Development of the Year. This is a well located leisure scheme with a superb quality of tenants on good leases with continuity of income for an average of at least fifteen years," said chief executive Neil Sinclair."As the cash element for this transaction has been met from our existing resources, this acquisition is very earnings enhancing. As I stated two weeks ago when we announced the acquisition of 249, Midsummer Boulevard, Milton Keynes we will only buy when we find value. Further to that, to have a yield of close to 8% next year with a WAULT of 15 years to the break is highly attractive in the current climate," he added.At the same time, Palace entered into a new £30m, five year facility with National Westminster Bank, of which £10m was fixed and £20m a revolving facility. The margin was 2.5% over LIBOR on the amounts drawn and 1.25% on any undrawn amount."The new, larger bank facility we have entered into will provide additional resources at lower interest rates for further acquisitions and working capital for a number of asset management activities over the coming months. The group continues to be conservatively geared with net debt at 38% and holds £20 million of unencumbered properties," Sinclair explained."We continue to seek further targets preferably off market which meet with our strict acquisition criteria."

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19 Feb 2019 10:09

Palace Capital leases space to celebrity-backed yoga operator

(Sharecast News) - Regional commercial property investment company Palace Capital has completed a 15-year lease for 12,800 square feet with Soo Yoga Group at its Sol Northampton leisure scheme, it announced on Tuesday.

11 Feb 2019 08:57

Palace Capital awards £35m York flats construction contract

(Sharecast News) - Palace Capital on Monday awarded the contract for the construction of its Hudson Quarter development in York, in a contract worth £35m.

7 Feb 2019 10:13

Palace Capital Inks News Facility With Barclays For York Project

LONDON (Alliance News) - Palace Capital PLC on Thursday said it has agreed a new GBP26.5 million secured loan facility to fund the Hudson Quarter development.The property investor signed be

28 Jan 2019 12:08

Palace Capital Hires Former Teesland CEO Wilson As Non-Exec Director

LONDON (Alliance News) - Palace Capital PLC on Monday said it has appointed Mickola Wilson as a non-executive director from Friday.The property investment company said Wilson is currently a

24 Dec 2018 07:46

Palace Capital buys One Derby Square in Liverpool for £14m

(Sharecast News) - Palace Capital said on Monday that it has bought the freehold interest of One Derby Square in Liverpool for £14m, reflecting a 6.75% net initial yield.

26 Nov 2018 13:20

Palace Capital shrugs off 'uncertain times' as income jumps

(Sharecast News) - Property firm Palace Capital insisted there would be further investment opportunities this year, despite the current "uncertain" climate, as it posted a jump in first-half income and profits.

26 Nov 2018 10:13

Palace Capital Profit And Income Rises On Higher Portfolio Value

LONDON (Alliance News) - Palace Capital PLC said on Monday saw an improved interim profit and rental income on a higher portfolio value for the period.The London-focused commercial property

23 Nov 2018 10:56

Palace Capital selling 50 flats to Barnet council

(Sharecast News) - Property investment company Palace Capital has exchanged contracts to sell 50 residential units for a total consideration of £18.2m, it announced on Friday, reflecting 97% of their book value, to the London Borough of Barnet.

23 Nov 2018 10:42

Palace Capital Agrees To Sell 50 Residential Units For GBP18 Million

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

11 Jun 2018 11:27

Palace Capital Lifts Dividend 3% As Total Net Asset Value Rises 70%

LONDON (Alliance News) - Palace Capital PLC said Monday that its annual net asset value rose strongly in its recent financial year, but NAV per share was reduced after a GBP70 million equity raise

7 Mar 2018 14:16

Palace Capital Hedges Further Against Possible Interest Rate Rise

LONDON (Alliance News) - Property investor Palace Capital PLC said Wednesday it has entered extra hedging facilities worth GBP55.8 million to mitigate future of

19 Jan 2017 08:17

Palace Capital Lets 13 Flats In Kent To Dartford Borough Council

16 Dec 2016 09:33

Palace Capital Secures Lease Extension In Essex With Rockwell

16 Dec 2016 08:33

Palace Capital extends lease on Essex property by 10 years

(ShareCast News) - Property investment firm Palace Capital has extended its lease by 10 years on a property in Maldon, Essex with Rockwell Automation. The ICS buildings, which comprise of a 75,000 square feet warehouse and office building, were let to Rockwell Automation until June 2017 at a rental

21 Nov 2016 12:54

Palace Capital hikes dividend as H1 pre-tax profit falls

(ShareCast News) - Property investment company Palace Capital has hiked its first-half dividend by almost a third as it posted a much-reduced pre-tax profit for the period. Interim dividend was up 29% to 9p a share, from 7p. Pre-tax profit came in at £3.9m, from £7.6m. Net asset value per share was

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