Palace Capital PLC
("Palace Capital" or the "Company")
PALACE CAPITAL RENEWS LEASE IN FARNBOROUGH
Palace Capital, the property investment company that focuses on commercial property outside London, announces that the Company has renewed the lease on Princeton House, Victoria Road, Farnborough, Hampshire.
Princeton House, which was acquired as part of the Property Investment Holdings portfolio in August 2014, is an 8,300 sq ft office building, currently used as a Job Centre, and is let to Trillium (Prime) Property Group Ltd until 1 April 2018 at a rent of £75,299 per annum.
A lease renewal has now been concluded with the Secretary of State for Communities & Local Government. The new lease is for a term of 10 years from 2 April 2018, with an option to break at the end of the 5th year. The rent is £93,334 per annum exclusive for the first year rising to £140,000 per annum exclusive from year two until the end of the fifth year. If the lessee does not break at the end of the 5th year there is an upward only rent review based on the increase in the Consumer Price Index.
Neil Sinclair, Chief Executive of Palace Capital, commented:
"We are delighted that we have renewed this lease in a growth town to an undoubted covenant. This demonstrates how, by using our active management skills, we continue to enhance Palace Capital's income."
Date: 16 October 2017
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. 44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve / Asha Chotai
Tel. 44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. 44 (0)207 614 5917
Capital Access Group (Financial PR)
Tel. 44 (0)20 3763 3400
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital is a UK property investment company admitted to trading on the AIM Market of the London Stock Exchange (LSE: PCA). The Company is not sector specific and looks for opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In its last reported financial year, Palace Capital produced a 20.0% increase in adjusted profit before tax, a 7.0% uplift in EPRA NAV per share and a 16.0% increase in dividends.