Sinclair searches for ‘old chestnuts’ at new firm
Palace Capital founder Neil Sinclair is “stepping up” his search for acquisition targets at his new company, hunting for “old chestnuts” that rivals may have struggled to offload.
Sinclair and Palace Capital co-founder Stanley Davis bought into London-listed More Acquisitions via a £312,240 placing of shares at 1p each in January, and have since outlined plans to build a regional real estate portfolio in line with what they achieved at Palace Capital.
On Friday (14 June) the company confirmed that it has changed its name to Pristine Capital, taking on the name of a new vehicle Sinclair established shortly after he left Palace in 2022.
Palace Capital founder Neil Sinclair is “stepping up” his search for acquisition targets at his new company, hunting for “old chestnuts” that rivals may have struggled to offload.
Sinclair and Palace Capital co-founder Stanley Davis bought into London-listed More Acquisitions via a £312,240 placing of shares at 1p each in January, and have since outlined plans to build a regional real estate portfolio in line with what they achieved at Palace Capital.
On Friday (14 June) the company confirmed that it has changed its name to Pristine Capital, taking on the name of a new vehicle Sinclair established shortly after he left Palace in 2022.
“Notwithstanding that we are inspecting possible opportunities, we are stepping up our search for a distressed property portfolio, distressed single asset or an old chestnut that has failed to sell,” said Sinclair in a social media post following the name change.
Sinclair added that he would welcome word from “agency friends, institutions, private property companies, family offices, restructuring consultants, receivers, accountants and solicitors with any opportunity”.
Palace Capital, meanwhile, said last week that it would return £21.7m to shareholders through a tender offer. The company has said its disposal strategy means it will soon be left with just six properties, valued at £54.4m.
