Barnet acquires 50 homes from Palace Capital

Palace Capital has exchanged contracts to sell 50 homes to the London Borough of Barnet for £18.2m. The assets, sold at 97% of their book value, are part of the 65 homes it acquired last year when it bought RT Warren for £53.3m. Completion on the homes will take place when they become vacant, with all the properties expected to be sold on or before 31 March 2019. Funds from the sale will be added to the company’s cash reserves and used for further acquisitions. Palace Capital sold three of the residential properties in February and intends to sell the remaining ones in early 2019. Neil Sinclair, chief executive of Palace Capital, said: “We have found an excellent buyer and achieved a very satisfactory price within 3% of our book value. “The sale of these units has always been one of our key action points on the Warren Portfolio and we are pleased to have succeeded in this regard.” The West End office of Allsop acted for Palace Capital. To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette