Palace Capital PLC West Sussex industrial sale (7447K)
06 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 7447K
Palace Capital PLC
06 September 2021
6 September 2021
PALACE CAPITAL PLC
("Palace Capital" or the "Company")
Palace Capital crystallises value with West Sussex industrial
sale
Transaction in line with GBP30m disposal strategy, with more
than GBP10m of sales complete
Palace Capital (LSE: PCA) the Main Market listed property
investment company that has a diversified portfolio of UK
commercial real estate in carefully selected locations outside of
London but focusing on the office and industrial sectors, has
further advanced its disposal programme with the sale of a 9,600 sq
ft industrial unit in Rustington, West Sussex. It has been sold to
a private property investment company for GBP860,000 which is above
book value and a price representing close to a 135% uplift on the
value of the asset when Palace Capital acquired it in 2014.
The transaction is in line with Palace Capital's disposal
strategy which targets GBP30 million of sales this year, comprising
properties that are either non-core or where maximum value has been
created through the conclusion of business plans. This property was
originally let to June 2021 at a rental of GBP36,000 per annum
exclusive, but as part of a tailored value add programme agreement
was reached for a new 10-year lease with Precision Products
(Brighton) Ltd on a rising rent to GBP65,000 per annum exclusive in
June 2025. The business plan for the asset has now completed,
culminating in its sale.
Neil Sinclair, Chief Executive of Palace Capital commented: "We
continue to progress well with our disposal strategy, with over a
third of targeted sales now complete. With this particular
transaction, we were keen to crystallise the value we had created
since acquisition, following the completion of our asset management
plan, and to take advantage of the current market for purpose built
industrial units. While our sales programme is ongoing, we are also
actively working to identify appropriate investments with a view to
recycling the proceeds into accretive opportunities."
Flude Property Consultants acted for Palace Capital on the
sale.
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Chief Financial Officer
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Katie Hughes
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc
Palace Capital plc (LSE: PCA) is a UK REIT that has a GBP274
million diversified portfolio of UK regional commercial property.
The Company maintains a disciplined investment strategy focused on
towns and cities outside of London that are characterised by
thriving local economies and strengthening fundamentals. Within
those locations the highly experienced management team select
assets that provide opportunities to drive both capital value and
long-term rental income through tailored active asset management
programmes ultimately delivering attractive shareholder
returns.
www.palacecapitalplc.com
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END
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