Palace Capital PLC New £26.5m secured facility agreed (3052P)
February 07 2019 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 3052P
Palace Capital PLC
07 February 2019
7 February 2019
Palace Capital plc
("Palace Capital" or the "Company")
Palace Capital agrees new GBP26.5m secured facility to fund the
Hudson Quarter development
Palace Capital (LSE: PCA), the Main Market listed property
investment company that has a diversified portfolio of UK regional
commercial real estate in carefully selected locations outside of
London, is pleased to announce that, through its subsidiary Palace
Capital (Developments) Limited, the Company has signed a new
GBP26.5 million loan facility with Barclays Bank Plc. Alongside the
Company's existing cash resources, the facility will be used to
part finance the mixed-use development of Hudson Quarter, York;
consisting of 127 residential apartments, 34,500 sq ft of offices,
5,000 sq ft of commercial space and car parking in central
York.
Palace Capital acquired the two-acre site, on which the former
100,000 sq ft Hudson House office building stood, as part of the
corporate acquisition of the Sequel Portfolio from Quintain Ltd in
2013.
The Company worked closely with the City of York Council to
secure a planning consent in August 2017 to demolish the existing
1960s office blocks and to replace them with the Hudson Quarter
development. Demolition was completed in December 2018 and
construction work is due to start on site this month with
completion of the scheme anticipated in early 2021.
The new facility will be drawn down during the construction
phase of the project and repaid with the proceeds from residential
sales.
Commenting, Stephen Silvester, Finance Director of Palace
Capital said:
"I am pleased we have arranged this facility with Barclays Bank
at a competitive rate, through their Leeds office, and we are
looking forward to working with them on this project. We have
sought throughout to engage with the local community, local
authority and now a local Yorkshire-based real estate team from
Barclays."
Commenting , Neil Sinclair, Chief Executive of Palace Capital,
said:
"We are pleased to have secured funding for this exciting new
scheme located centrally in York, within the old historic walls of
the city and only 1 minutes' walk from the train station which can
be reached from London in under 2 hours. We are confident that the
development will attract strong interest from potential residential
purchasers as well as commercial and office tenants."
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Numis Securities
Heraclis Economides / Oliver Hardy
Tel: +44 (0)20 7260 1000
Arden Partners plc
Paul Shackleton / Ciaran Walsh / Alex Penney
Tel. +44 (0)207 614 5900
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
palacecapital@fticonsulting.com
Tel. +44 (0)20 3727 1000
This announcement contains information which, prior to its
disclosure, was inside information for the purpose of the Market
Abuse Regulation ("MAR").
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a Main Market listed property
investment company that has a c. GBP300 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 selects assets that provide
opportunity to drive both capital value and long-term rental income
through tailored active asset management programmes, ultimately
delivering attractive shareholder returns.
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END
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