PALACE CAPITAL PLC (PCA) — FY20 Annual Results

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the PALACE CAPITAL Full Year Results Investor Presentation. Before we begin, we would like to submit the following poll. For your information throughout this presentation, investors will be on listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet company dashboard. Finally, I'd like to remind you that this presentation is being recorded. I'd now like to hand over to Neil Sinclair, CEO and Stephen Silvesta, CFO of PALACE CAPITAL. Good afternoon. Good afternoon. Good afternoon, everybody. Welcome to our presentation. If I can take you through it. So we announced our results a few days ago. Just to remind everybody who does not know, we are experts in regional property investment. We do not invest in London. We think there's far more growth available in the regions, which is why we're there, and we focus to unlock value to deliver attractive total returns. So regional returns have outperformed London for the past four years, and we've got a regional portfolio mainly of city center offices, nearly 50% of our portfolio. It's one of the strongest risk adjusted sectors in The UK. We've also got a percentage of industrial as well. What has helped our office buildings is the reduction in office supply, firstly, for the loss of offices to conversion to residential under the permitted development legislation, and the fact that in the main regional cities, there's been very l...