Palace Capital has paid £53.3m for RT Warren, which has a commercial portfolio of 21 properties.
To finance the acquisition, Palace Capital is proposing a share placing to raise £70m, of which £4.3m is subject to clawback.
RT Warren’s portfolio comprises 15 office buildings, four predominantly retail properties and two industrial holdings. More than 90% of the commercial properties are in the Home Counties. It also owns 65 residential properties located mostly around Hillingdon in west London.
Palace Capital plans to sell the residential properties.
RT Warren has £14.5m of debt from Barclays and this will remain in place following completion of the acquisition.
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