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Palace Capital plc conditionally exchanged contracts for the sale of its wholly owned subsidiary, Palace Capital (Manchester) Limited, to The James (M1 Living) Limited. The subsidiary's sole asset, Boulton House Manchester, was sold for a cash consideration of £8.75 million, reflecting a NIY of 8.7%. This disposal is at the 31 March 2024 book value and 2.8% below the 30 September 2023 book value of £9.0 million, with completion expected in 12 weeks.
| Date | 29 Apr 2024 |
| Time | 13:15:00 |
| Category | Disposals |
| ID | 4439M |
29 April 2024
Palace Capital plc
("Palace Capital" or the "Company")
Boulton House disposal
Palace Capital today announces that it has conditionally exchanged contracts for the sale of Palace Capital (Manchester) Limited, a wholly owned subsidiary of Palace Capital plc, whose sole asset is Boulton House Manchester, an office building in the centre of Manchester, to The James (M1 Living) Limited, a special purpose vehicle, for a cash consideration of £8.75 million, which reflects a NIY of 8.7%. The disposal is at the 31 March 2024 book value and 2.8% below the 30 September 2023 book value of £9.0 million. Completion of the transaction will be in 12 weeks' time.
Commenting on today's sale, Steven Owen, Executive Chairman said:
"The disposal of Boulton House demonstrates continuing progress in our disposal strategy and on completion will provide additional cash for returning to shareholders in due course."
Palace Capital plc
Steven Owen, Executive Chairman
info@palacecapitalplc.com
Financial PR
FTI Consulting
Dido Laurimore / Giles Barrie
Tel: 44 (0)20 3727 1000
palacecapital@fticonsulting.com