REG - Palace Capital PLC - Industrial property disposal

Palace CapitalAnnouncement

14/02/2023 07:00

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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 info@palacecapitalplc.com (mailto:info@palacecapitalplc.com)

Financial PR
FTI Consulting

Dido Laurimore / Giles Barrie

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

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