Palace Capital has completed the off-market sale of an industrial property in Plymouth for £3.2m – marginally ahead of its 30 September 2022 book value and 2.6% below its 31 March 2022 book value.
The company said the proceeds of the sale had been used to reduce the company’s gross and net debt, which now stands at £74.3m and £62.2m respectively.
Steven Owen, interim executive chairman of Palace Capital, said: “The strong price achieved on the sale of this industrial property demonstrates the quality of Palace’s industrial portfolio where occupier demand remains strong.
“Given the recent, encouraging signs of stabilisation in asset pricing in the commercial real estate market, the company has embarked on selectively marketing certain assets which, following the completion of various asset management initiatives, are ready for sale.”
