2nd Aug 2023 10:33
Palace Capital PLC - London-based investor in commercial real estate - Announces it has sold 22 Market Street, an office property in Maidenhead, to a client of Soor Capital for GBP9.6 million. Palace Capital says it will use some of the proceeds to repay GBP3.5 million of bank debt, gross debt will be GBP20.2 million, and cash reserves will be GBP20.1 million. Palace Capital's net debt position will be GBP100,000.
Executive Chair Steven Owen says: "The selective sales of properties such as Maidenhead demonstrates the steps we are taking to reduce debt and leverage in line with our strategy of maximising cash returns to shareholders.
Current stock price: 238.00 pence, up 1.3% on Wednesday
12-month change: down 14%
By Will Neill, Alliance News reporter
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