Business
Portfolio and Trading Update
Portfolio and Trading Update.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 8196X Palace Capital PLC 02 May 2019 \n\n2 May 2019\nPalace Capital plc\n(\"Palace Capital\", the \"Company\" or the \"Group\")\n \nPortfolio and Trading Update\n \nPalace Capital (LSE: PCA), the Main Market listed real estate investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, provides the following trading and portfolio update ahead of its results for the year ended 31 March 2019, which will be announced on Tuesday 4 June 2019.\nPortfolio highlights\n· Disposal of 50 residential units (part of the Warren Portfolio) for £18.2 million to Barnet Council which completed yesterday (1 May 2019).\n· Acquisition of 1 Derby Square, Liverpool in December for £14.0 million producing £1.0 million in annual income with considerable reversionary potential.\n· 37 leases and rent reviews completed in the year-ended 31 March 2019 at an average 14% ahead of Estimated Rental Value (\"ERV\") generating £3.4 million rent per annum, reflecting an uplift on previous passing rents of £0.8 million.\n· Building contract signed and £26.5 million facility secured with Barclays Bank for the Hudson Quarter development in York, on very competitive terms.\n· Resolution to grant planning consent from Elmbridge Borough Council for the development of three retail units and 28 apartments at 41- 45 High Street, Weybridge, Surrey.\nFinancial highlights\n· Strong cash position along with unutilised debt facilities to fund the Company's refurbishment and development projects as well as capacity for future acquisitions.\n· Group remains conservatively geared at 33% net Loan to Value (LTV).\n· First full year on the Main Market of the London Stock Exchange.\nNeil Sinclair, Chief Executive of Palace Capital, commented:\n\"Palace Capital is making substantial progress across the portfolio, notwithstanding the uncertain environment. During the year we took the strategic decision to hold back on letting some of our vacant space where we see the opportunity to drive value and income potential through refurbishment or redevelopment. While this means that our adjusted profit...