21st Oct 2013 09:59
LONDON (Alliance News) - Palace Capital PLC Monday completed its acquisition of a property portfolio from Quintain Estates & Development PLC, placing GBP23.5 million in new shares to part fund the acquisition.
The company earlier this month said it would buy the Sequel portfolio of 24 mixed use commercial properties in England and Wales from Quintain for GBP39.3 million, paying for it by issuing new shares and using a GBP20 million debt facility from Nationwide.
At that time, Quintain said it take part in the share issue, taking a stake of about 2.5% in Palace Capital for GBP550,000 as a result.
Due to the placing and capital reorganization, the shares were down 11.3% at 215 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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