Palace Capital continues disposal drive

Palace Capital has continued to offload its remaining investment properties, selling two assets for a combined £12.3m, 2.9% below their March valuation. The company has sold Boulton House in Manchester for £8.8m and Nicholson Gate in Fareham, Hampshire, for £3.5m.  Sales announced in the company’s recent results, of an office at 3B St James’ Gate in Newcastle and Copperfields in Dartford, are expected to complete in the coming weeks. Chairman Steven Owen said: “Since the announcement of our annual results in June, we have continued to progress our disposal and return of capital strategy and have recently delivered a successful tender offer to support this process. Since July 2022, we have returned over £43m of cash to shareholders and expect to announce a second tender offer later in the year. “At an operational level, the company continues to make good progress with its asset management activities and will report further on these in due course. Given its strong cash position, the company remains well placed in terms of flexibility and optionality regarding the timing of its disposal programme and other strategic initiatives.”