26th Mar 2014 12:16
LONDON (Alliance News) - Palace Capital PLC Wednesday said it has sold The Bonded Warehouse, Atlantic Wharf, Cardiff for GBP1.1 million, which represents a 20% premium to its book value after costs.
Palace said it will use most of the net proceeds to reduce its debt levels, with its debt facility with Nationwide to be reduced as a result.
"This represents a further example of active portfolio management and results in our debt on the Sequel Portfolio having fallen from GBP20.0 million to GBP17.0 million in a little over five months from its acquisition. We look forward to reporting our second interim results later this week."
Palace Capital shares were Wednesday quoted at 261.50 pence, up 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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