14th Feb 2023 10:59
Palace Capital PLC - London-based property investment company - Sells industrial property in Plymouth, England for GBP3.2 million in an off-market transaction. This is marginally ahead of September 30, 2022 book value and 2.6% below March 31, 2022 book value. Says proceeds of sale will be used to reduce its gross and net debt, which now stands at GBP74.3 million and GBP62.2 million respectively.
Interim Executive Chair Steven Owen says: "The strong price achieved on the sale of this industrial property demonstrates the quality of Palace's industrial portfolio where occupier demand remains strong. Given the recent, encouraging signs of stabilisation in asset pricing in the commercial real estate market, the company has embarked on selectively marketing certain assets which, following the completion of various asset management initiatives, are ready for sale."
Current stock price: 205.31 pence, up 1.1%
12-month change: down 19%
By Greg Rosenvinge, Alliance News reporter
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