Last checked at 14 Feb 2023 07:00
14 February 2023
Palace Capital plc
("Palace Capital" or the "Company")
Industrial property disposal
Palace Capital announces that it has sold, in an off-market transaction, its industrial property in Plymouth for £3.2m, marginally ahead of the 30 September 2022 book value and only 2.6% below the 31 March 2022 book value.
The proceeds of sale have been used to reduce the Company's gross and net debt which now stands at £74.3m and £62.2m respectively.
Commenting on today's announcement, Steven Owen, Interim Executive Chairman said:
"The strong price achieved on the sale of this industrial property demonstrates the quality of Palace's industrial portfolio where occupier demand remains strong.
"Given the recent, encouraging signs of stabilisation in asset pricing in the commercial real estate market, the Company has embarked on selectively marketing certain assets which, following the completion of various asset management initiatives, are ready for sale."
Palace Capital plc Steven Owen, Interim Executive Chairman / Matthew Simpson, Chief Financial Officer info@palacecapitalplc.com
Financial PR FTI ConsultingDido Laurimore / Giles BarrieTel: +44 (0)20 3727 1000palacecapital@fticonsulting.com