Palace Capital has exchanged contracts to sell 50 residential units for a total consideration of €20.5m (£18.2m), reflecting 97% of their book value, to the London Borough of Barnet. The units are part of the 65 residential units acquired as part of the RT Warren (Investments) Ltd portfolio in October 2017, of which three were sold in February 2018 for €1.41m (£1.25m). The assets, which are all debt free and uncharged, currently produce a gross income of €0.7m (£0.62m) per annum. Completion for each respective unit sold will take place when they become vacant with all the properties expected to be sold on or before 31 March 2019.
Neil Sinclair, Chief Executive of Palace Capital, commented: "We have found an excellent buyer and achieved a very satisfactory price within 3% of our book value. We intend to market the remaining 10 units separately in early 2019. The sale of these units has always been one of our key action points on the Warren Portfolio and we are pleased to have succeeded in this regard."
