A Swedish activist investor has lifted its stake in London-listed REIT Palace Capital.
Peter Gyllenhammar’s eponymous Stockholm-based investment firm built a 4% stake in Palace Capital last year, and has now increased that holding to 5.14%, according to regulatory filings.
That would mean the firm has overtaken Allianz to become the fourth-largest institutional investor in Palace Capital, according to analysis of the company’s shareholder register.
Palace’s shares closed yesterday at 192p, a discount of some 44% on its NAV per share in its most recent results, to the end of September. Gyllenhammar told EG last year that he had encouraged the company to launch a share buyback.
“It has an excellent management team, it has good assets, it has a good track record – but it trades at 50% of net asset value with a wide-open ownership structure,” Gyllenhammar said at the time.
“Will that continue? No, it can’t continue. Either they need to bridge the gap by taking action or someone will certainly bid for the company.”
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