Palace Capital has exchanged contracts to buy Bank House on King Street in the centre of Leeds from a major pension fund for a cash consideration of £10 million. The consideration will be satisfied from Palace Capital's existing cash resources.
Bank House produces a gross rental income of £910,310 per annum and a net income of circa £864,000 per annum. This represents a net yield of 8.1 per cent after transaction costs.
At 9:18am: (LON:PCA) Palace Capital PLC share price was 0p at 366p