Palace Capital PLC sold 22 Market Street, an office property in Maidenhead, to a Soor Capital client for c. €11.2m. The company purchased the 2,300m2 building back in January 2022 for c. €12m.
Palace Capital will use some of the proceeds to repay c. €4m of bank debt, gross debt will be c. €23.6m, and cash reserves will be c. €23.5. Palace Capital's net debt position will end up at c. €116,000.
Steven Owen, Executive Chairman commented on the transaction: "The selective sales of properties such as Maidenhead demonstrate the steps we are taking to reduce debt and leverage in line with our strategy of maximising cash returns to shareholders. The Company will provide further updates on significant sales and strategic initiatives to facilitate returning cash to shareholders later in the year, the timing of which will depend on the completion of future sales. The Company's share buyback programme continues, following the renewal of the authority at the recent Annual General Meeting."
