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Palace Capital Sells Property in Essex, UK for GBP 3.9m.

MANews-(C)2009-2017

7 March 2017 - UK-based property investment company Palace Capital (LSE: PCA) has sold the ICS Buildings in Maldon, Essex, for GBP 3.9m (USD 4.79m) to the MCR Property Group Ltd., the company said.

The sale price is GBP1.56 m above the last independent valuation of the property as at 30 September 2016.

According to Palace, the ICS Buildings were part of the Sequel Portfolio acquired from Quintain plc in October 2013.

They comprise a listed office building and a warehouse building with a total net area of c. 75,000 sq ft. The buildings are currently let to Rockwell Automation until June 2017 at a rental income of GBP375,000 per annum exclusive.

On 16 December 2016, the company announced that Rockwell had signed a lease extension for a term of 10 years from June 2017, with mutual breaks in June 2020 and June 2024.

The initial rental income will remain at GBP 375,000 per annum exclusive and a rent review has been agreed as at June 2022, indicating a rent of not less than GBP394,128 per annum.

Palace Capital had also previously announced on 12 September 2016 that it had sold 4 and 5 Hall Road adjoining the ICS Buildings for GBP 1m.

Country: UK

Sector: Construction/Real Estate

Target: ICS Buildings in Maldon, Essex

Buyer: MCR Property Group

Vendor: Palace Capital

Deal size in USD: 4.79m

Type: Divestment

Financing: Cash

Status: Closed

Buyer advisor: , ,

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Publication:M & A Navigator
Geographic Code:4EUUK
Date:Mar 7, 2017
Words:246
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