Palace Capital seeks opportunities in ‘uncertain times’
Palace Capital has seen the value of its portfolio increase by 2.4% for the six months ended 30 September to £283.3m, while its NAV per share has risen by 1.4% to 421p.
The regional property specialist signed 22 leasing deals during the period across 140,000 sq ft. Its gross rental income rose 29% to £9.2m.
Its current occupancy rate stands at 88%.
Palace Capital has seen the value of its portfolio increase by 2.4% for the six months ended 30 September to £283.3m, while its NAV per share has risen by 1.4% to 421p.
The regional property specialist signed 22 leasing deals during the period across 140,000 sq ft. Its gross rental income rose 29% to £9.2m.
Its current occupancy rate stands at 88%.
Neil Sinclair, chief executive of Palace Capital, said: “Today’s results are further evidence of the continued success of our focus on total returns, driving both income and capital growth.
“Following a busy 12 months to 31 March 2018, where we added significantly to our portfolio with the £68m RT Warren portfolio acquisition, this period has very much been one of consolidation.
“We have been actively assessing the investment market, but remain resolute in our adherence to our investment strategy and have found it difficult to find value, where an appropriate return can be delivered to our shareholders, in the current market.”
Sinclair added that “in these somewhat uncertain times” the company is expecting opportunities to arise over the coming six months.
“With a strong balance sheet, we are well positioned to act when the right opportunity arises.”
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