Palace Capital sells building for £1.25m to reduce debt

Palace Capital, a property investment company, sold a hi-tech building at Burgess Hill, West Sussex, for £1.25m.The property, a modern hi-tech warehouse, was sold to David Cover & Son for their own occupation.Palace Capital acquired the building in August last year for £32m. The sale was carried out at a 15% premium to book value and was expected to help the group to reduce debt and irrecoverable expenditures.Chief executive Neil Sinclar said: "We are recycling our capital and this sale has helped us to reduce debt and irrecoverable expenditures."This is further evidence of our busy active management strategy, which continues to enhance the value of our portfolio and increase cash flow."