Quintain Estates has sold its stake in Neil Sinclair’s Palace Capital.
The regeneration specialist took the 2.4% stake in the AIM-listed company, which invests in secondary property outside London, as part of the sale of its £39.3m Sequel Portfolio to Palace in October.
Palace managing director Sinclair announced the news and said the early release of the Quintain holding was “as a direct result of further institutional demand for shares in Palace Capital”.
Sinclair added: “It is extremely encouraging that since our fundraising in October 2013, we have continued to secure long-term interest from major institutional investors.
“We are delighted that our strategy to maximise returns from investing in and managing regional secondary property has been received so well by our shareholders.
“We were very grateful for the support from Quintain during the acquisition, and the early release of the Quintain holding was as a direct result of further institutional demand for shares in Palace Capital.”
“I can report that the properties in our portfolio are continuing to perform very well under our ownership.
“We have a wide range of ongoing projects and initiatives to maximise the returns from the portfolio. I believe that these will underpin an improvement in shareholder returns as we move forward.”
bridget.oconnell@estatesgazette.com
