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(Alliance News) - Palace Capital PLC announced on Monday sold two properties in Surrey and Buckinghamshire for a total of GBP4.5 million.
The London-based property investment company said it has sold its Russell House property in Surrey for GBP2.6 million and exchanged contracts to sell its Westminster House property in Buckinghamshire for GBP1.9 million.
Palace Capital said both properties were sold at a significant premium to book value and were sold as part of the company's GBP30 million disposal strategy.
Russell House is a multi-let office and industrial building with a floor area of 23,000 square feet, acquired by the company in 2014. It is being now acquired by a subsidiary of Travis Perkins PLC, the Northampton-based FTSE 250 builders' merchant and home improvement retailer.
Westminster House is a multi-let office and residential building with a floor area of 3,710 square feet. Palace Capital said it has been acquired by a private investment company that it did not name. Property consultant Allsop acted for Palace Capital on the sale of Westminster House.
Chief Executive Neil Sinclair added that 12 of the 15 mature assets identified last summer by the company's disposal strategy have now been sold for a total of GBP28.2 million. Sinclair said the proceeds would be redeployed into properties with stronger growth potential.
Shares in Palace Capital were down 0.4% at 254.00 pence on Monday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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