Palace Capital PLC - London-based commercial real estate investment trust - Exchanges contract to sell wholly-owned subsidiary Palace Capital (Manchester) Ltd to The James (M1 Living) Ltd. The subsidiary's sole asset is Boulton House Manchester, an office building in the city centre. The deal is worth GBP8.8 million in cash and reflects a net initial yield of 8.7%. The disposal is at the March 31 book value and 2.8% below the September 30 book value of GBP9.0 million. The transaction will complete in 12 weeks time, Palace Capital says. Palace Capital Executive Chair Steven Owen comments: "The disposal of Boulton House demonstrates continuing progress in our disposal strategy and on completion will provide additional cash for returning to shareholders in due course."
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By Greg Rosenvinge, Alliance News senior reporter
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Palace Capital (PCA)