REG - Palace Capital PLC - Boulton House disposal

Palace CapitalAnnouncement

29/04/2024 13:15

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RNS Number : 4439M  Palace Capital PLC  29 April 2024

29 April 2024

Palace Capital plc

("Palace Capital" or the "Company")

    Boulton House disposal

Palace Capital today announces that it has conditionally exchanged contracts
for the sale of Palace Capital (Manchester) Limited, a wholly owned subsidiary
of Palace Capital plc, whose sole asset is Boulton House Manchester, an office
building in the centre of Manchester, to The James (M1 Living) Limited, a
special purpose vehicle, for a cash consideration of £8.75 million, which
reflects a NIY of 8.7%. The disposal is at the 31 March 2024 book value and
2.8% below the 30 September 2023 book value of £9.0 million. Completion of
the transaction will be in 12 weeks' time.

Commenting on today's sale, Steven Owen, Executive Chairman said:

"The disposal of Boulton House demonstrates continuing progress in our
disposal strategy and on completion will provide additional cash for returning
to shareholders in due course."

 

Palace Capital plc
Steven Owen, Executive Chairman

info@palacecapitalplc.com

Financial PR
FTI Consulting

Dido Laurimore / Giles Barrie

Tel: 44 (0)20 3727 1000

palacecapital@fticonsulting.com

 

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