Palace Capital offloads £15m of assets

Palace Capital has sold five assets for a total of £15.3m. The sales are at a 5.7% discount to their March 2023 valuations and comprise Kiln Farm in Milton Keynes, which was sold for £6.5m, Sandringham House in Harlow offloaded for £3.3m, Unit 5 at Harnham Business Park in Salisbury, sold for £3.2m, Kings Park House in Southampton, sold for £2.1m and a small car park in Northampton for £200,000. Palace said the sales had provided the business with a number of options to return capital to its shareholders, including a tender offer. It added that a number of other properties were currently under offer which, if they all complete, would provide additional cash to return to shareholders. Since 1 April 2023, Palace has sold 23 properties for £103.4m. The total reflects a price 3.1% ahead of the 31 March 2023 valuation. Palace chair Steven Owen said: “Notwithstanding challenging property and financial markets, we have continued to progress our disposal strategy with the result that the company is now in a substantial net cash position. “We expect to announce a significant return of capital to shareholders, likely through a tender offer, in due course and ahead of the company’s preliminary results for the year ended 31 March 2024 which are scheduled to be reported in June.”