Industrial property disposal

RNS Number : 7736P

Palace Capital PLC

14 February 2023

 

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 [e-mail]

Financial PR
FTI Consulting
Dido Laurimore / Giles Barrie
Tel: [phone]
[e-mail]

 

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