Palace Capital PLC has recently sold five properties across England for a total of €17.9m. These sales are part of a larger disposal program, with 23 investment properties sold since April 2023, generating around €121m. After adjusting for rent incentives, the recent sales fell 3.7% below September's valuations, but overall they still achieved 3.1% more than March 2023 valuations.
Executive Chair Steven Owen said: "Notwithstanding challenging property and financial markets, we have continued to progress our disposal strategy with the result that the company is now in a substantial net cash position. We expect to announce a significant return of capital to shareholders, likely through a tender offer, in due course."
Additional properties are now under offer which will provide further cash to the company on completion.
Image source - Pexels.
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