Business
Contracts exchanged on 50 residential properties
Contracts exchanged on 50 residential properties.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 2775I Palace Capital PLC 23 November 2018 \n\n23 November 2018\nPalace Capital PLC\n(\"Palace Capital\" or the \"Company\")\nContracts exchanged for the sale of 50 residential properties for £18.2m\nPalace Capital (LSE: PCA), the property investment company that focuses on commercial property outside London, is pleased to announce that it has exchanged contracts to sell 50 residential units for a total consideration of £18.2 million, reflecting 97% of their book value, to the London Borough of Barnet.\nThe units are part of the 65 residential units acquired as part of the RT Warren (Investments) Ltd portfolio in October 2017, of which three were sold in February 2018 for £1.25 million. The 50 residential units, which are all debt free and uncharged, currently produce a gross income of £0.62 million per annum.\nCompletion for each respective unit sold will take place when they become vacant with all the properties expected to be sold on or before 31 March 2019. The funds from the sales will be added to the Company's cash reserves to be ultimately deployed towards new acquisitions that meet the Company's selective acquisition criteria.\nNeil Sinclair, Chief Executive of Palace Capital, commented: \"We have found an excellent buyer and achieved a very satisfactory price within 3% of our book value. We intend to market the remaining 10 units separately in early 2019. The sale of these units has always been one of our key action points on the Warren Portfolio and we are pleased to have succeeded in this regard.\"\nThe West End office of Allsop acted for Palace Capital.\nFor further information, contact:\nPalace Capital plc\nNeil Sinclair, Chief Executive\nStephen Silvester, Finance Director\nTel. +44 (0)20 3301 8331\nArden Partners plc (Lead Broker)\nPaul Shackleton / Ciaran Walsh / Alex Penney\nTel. +44 (0)207 614 5900\nAllenby Capital Limited (Joint Broker)\nNick Naylor / James Reeve / Asha Chotai\nTel. +44 (0)20 3328 5656\nFTI Consulting (Financial PR)\nClaire Turvey / Methuselah Tanyanyiwa\[email protected]\nTel. +44 (0)20 7271000\n \nThis announcement contains information which, prior to its disclosure, was inside information for the purpose of the Market Abuse Regulation (\"MAR\").\n \nAbout Palace Capital plc (www.palacecapitalplc.com):\nPalace Capital is a UK property investmen...