A Swedish activist investor who bought into Palace Capital during the Covid-19 pandemic has now become its largest shareholder.
Peter Gyllenhammar’s eponymous Stockholm-based investment firm built a 4% stake in Palace Capital in late 2020, pushing for a share buyback and a closing of the stock’s discount to net asset value.
This week the firm’s holding in Palace Capital hit 10.7%, according to stock market filings. That makes it the largest shareholder in the company, ahead of Premier Milton Group with a 9.8% stake.
Hedge fund Winton Capital Management has also increased its holding, confirming today that it now has an 8.4% interest.
Allianz Global Investors, meanwhile, reduced its stake this week to 4.4% from 5%.
The moves come after Palace Capital announced a new strategic focus following the resignation of co-founder and chief executive Neil Sinclair. The company will now focus on improving the environmental credentials of offices it owns and will look to sell its industrial portfolio. The company has also launched a share buyback.
Sinclair is now preparing the launch of a new firm, Pristine Capital.
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