Palace Capital has completed the sale of Bridge House, High Street in Weybridge, Surrey as part of its €35m (£30m) programme of non-core disposals. Following the latest disposal, Palace has now completed €10.9m (£9.4m) of strategic sales since the start of the new financial year in April, reflecting a third of its stated disposal programme by value. Proceeds will ultimately be recycled into opportunities that meet the Company’s strict acquisition criteria and in line with its strategy to create and maximise value from carefully selected assets in those regional towns and cities which display the right growth fundamentals that can deliver value creation alongside Palace’s asset management expertise.
Neil Sinclair, Chief Executive of Palace Capital commented: “These sales further strengthen our balance sheet as we work towards ensuring that we are well-positioned to take advantage of investment opportunities that meet both our pricing and acquisition criteria. We believe that, as Government restrictions continue to lift and the market returns to normal operation, such opportunities will begin to emerge towards the end of this year. In the meantime, interest in our disposal pipeline as well as the remaining residential units and commercial space for rent at Hudson Quarter is strong, as we continue to see a growing appetite for regional city centre properties post-pandemic.”