Palace Capital PLC Sale of Maidenhead office property for GBP9.6m (9789H)
August 02 2023 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 9789H
Palace Capital PLC
02 August 2023
2 August 2023
Palace Capital plc
("Palace Capital" or the "Company")
Sale of Maidenhead office property for GBP9.6m
Palace Capital announces that it has sold 22 Market Street, an
office property in Maidenhead to a client of Soor Capital for
GBP9.6m. The sale price reflects a net initial yield of 7.3%,
equating to a net price of GBP9.0m (after rent incentives), which
is 9.7% ahead of the 31 March 2023 book value.
Following the sale and the use of some of the proceeds to repay
GBP3.5m of bank debt, gross debt will be GBP20.2 million and cash
reserves will be GBP20.1 million resulting in a net debt position
of GBP0.1 million.
Commenting on today's announcement, Steven Owen, Executive
Chairman said:
"The selective sales of properties such as Maidenhead
demonstrate the steps we are taking to reduce debt and leverage in
line with our strategy of maximising cash returns to
shareholders.
"The Company will provide further updates on significant sales
and strategic initiatives to facilitate returning cash to
shareholders later in the year, the timing of which will depend on
the completion of future sales. The Company's share buyback
programme continues, following renewal of the authority at the
recent Annual General Meeting."
Palace Capital plc
Steven Owen, Executive Chairman / Matthew Simpson, Chief
Financial Officer info@palacecapitalplc.com
Financial PR
FTI Consulting
Dido Laurimore / Giles Barrie
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
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