REG - Palace Capital PLC - Strengthening of tenant base

Mon Sep 10, 2012 10:45am EDT

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RNS Number : 9197L
Palace Capital PLC
10 September 2012
 



Palace Capital plc ("Palace Capital" or "the Company")

Strengthening of tenant base

 

Palace Capital, through its wholly owned subsidiary Hockenhull Estates Ltd ("Hockenhull"), owns nine properties in Cheshire of which five are located in Nantwich and four are located in Crewe.

One of the prime properties in Nantwich was originally let to a member of the Countrywide Estate Agents Group at a rental of £22,500 per annum exclusive to include car parking. However, this lease expired in 2010 and the tenants remained in occupation pending agreeing terms for a renewal of the lease. The board of Palace Capital decided that this was not in the Company's best interests and after the acquisition of Hockenhull in October 2011, action was taken to negotiate a renewal of this tenancy.

The Board are pleased to advise that a new ten year lease  (with a break option at the end of the fifth year) has now been  entered into directly with Countrywide Estate Agents (the UK's largest  estate agency) at an increased rental.

The Board continue to actively manage the Hockenhull portfolio for the benefit of shareholders and to seek further suitable acquisitions.

 

10 September 2012

 

Enquiries: 

Palace Capital Plc

Tel. +44 (0)20 7722 7603

Neil Sinclair, Managing Director

 

 

 

Allenby Capital Limited

Tel. +44 (0) 20 3328 5656

Nick Naylor, Chief Executive

 

Mark Connelly, Corporate Finance

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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