Palace Capital PLC - London-based investor in commercial real estate - Says it has exchanged or completed on the sale of three investment properties for GBP15.2 million. The sales comprise: Bridge Park, East Grinstead for GBP7.2 million; High Street, Sutton for GBP3.6 million; and Lendal & Museum Street, York for GBP4.4 million. It adds that several properties are currently under offer which, if they all complete in the next few months, will provide the company with various options for returning capital to shareholders, including a tender offer.
Chair Steven Owen says: "Against the backdrop of challenging property and financial markets, we have continued to progress our disposal and debt reduction strategy with the result that the company is in a strong financial position with the entire portfolio virtually unencumbered. It is expected that further progress regarding disposals and options for returning capital to shareholders, including a tender offer, will be announced in the coming months."
Current stock price: 223.00 pence, up 4.7% in London on Wednesday
12-month change: up 9.1%
By Sophie Rose, Alliance News senior reporter
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Palace Capital (PCA)