Palace approaches £30m sell-off target

Regional investor Palace Capital is less than £2m away from achieving its goal of raising £30m through disposals. The group has offloaded some £28.2m of assets as part of its disposal strategy. The latest disposals include the 23,000 sq ft Russell House in Walton-on-Thames in Surrey, which has been bought by a subsidiary of Travis Perkins for £2.6m, and the 3,710 sq ft Westminster House in Gerrards Cross in Buckinghamshire, which is being bought by a private investment company for £1.9m. Palace Capital said that both were being sold at a significant premium to book value. Chief executive Neil Sinclair said: “Twelve of the 15 mature assets we identified last summer under our strategic disposal plan have now been sold for £28.2m of the £30m. “We are very pleased with the momentum we have been able to achieve with the implementation of the strategy, and it puts us in a good position as we move into the new calendar year to take advantage of opportunities to redeploy the proceeds into properties with stronger growth potential, in line with our total return strategy.” Allsop acted for Palace Capital on Westminster House.   To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews See which agents are doing the most investment deals with our On-Demand Rankings >>