REG - Palace Capital PLC - Sale of Staines Office Building

Palace CapitalAnnouncement

06/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211206:nRSF5955Ua&default-theme=true

RNS Number : 5955U  Palace Capital PLC  06 December 2021

6 December 2021

Palace Capital plc

("Palace Capital" or the "Company")

Sale of Staines office building accelerates disposal strategy

Palace Capital (LSE: PCA) the Main Market property investment company that has
a diversified portfolio of UK commercial real estate in carefully selected
locations outside of London with a focus on the office & industrial
sectors, announces that it has exchanged contracts to sell Fraser House, a
vacant office building in Staines, Middlesex to a private company for £2
million.

The sale price reflects a significant premium to book value as at 30 September
2021 as well as the 2014 acquisition price.

The transaction brings to 10 the number of assets sold by Palace Capital so
far in 2021 under its disposal strategy, which is focused on mature and
non-core assets in the portfolio with a view to recycling the proceeds into
higher growth opportunities.

Neil Sinclair, Chief Executive commented, "Having undertaken £23.65 million
of disposals we are closing in on our target of achieving £30 million of
sales in order to redeploy the capital into accretive acquisitions. We have
further properties under offer and are keen to move forward with reinvestment
in a prudent manner in line with our total return strategy. We have an
acquisition currently in legals and a number of further opportunities under
consideration."

Vail Williams acted for Palace Capital.

ENDS

For further information please contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Tel. +44 (0)20 3301 8331

Matthew Simpson, Chief Financial Officer

Tel. +44 (0)20 3931 9175

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 (www.palacecapitalplc.com)

Palace Capital plc (LSE: PCA) is a UK REIT that has a £273 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISEAXASEDSFFFA