16th Jan 2015 08:56
LONDON (Alliance News) - Palace Capital PLC Friday said it has completed two leases with Rockwell Automation, following its acquisition of two office buildings in Milton Keynes as part of a broader portfolio bought in October 2013.
The AIM-listed property investment company had committed GBP2.4 million for the refurbishment and building works that began in June last year. Those works were concluded just before Christmas, with the buildings handed to Rockwell Automation on time and on budget.
"I am delighted that Rockwell Automation had signed a lease for 12 years on both these buildings with rent reviews every 4 years and no option to break," Neil Sinclair, chief executive, said in a statement.
The rents are GBP150,633 and GBP248,283 per annum, exclusive. The total rent receivable by Palace Capital is GBP398,916 per annum, equating to GBP10.40 per square foot. The company said there is "considerable scope" for an increase in rental in December 2018.
Palace Capital shares were untraded on Friday. The stock closed at 345.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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