Palace Capital PLC 17 Lease Renewals and Rent Reviews
24 Ottobre 2019 - 8:01AM
RNS Non-Regulatory
TIDMPCA
Palace Capital PLC
24 October 2019
24 October 2019
PALACE CAPITAL SECURES 25.6% AVERAGE RENTAL UPLIFT ACROSS
17 LEASE RENEWALS AND RENT REVIEWS
Palace Capital plc (the "Company"), the UK REIT that has a
diversified portfolio of UK commercial real estate in carefully
selected locations outside of London, has completed 12 lease
renewals and five rent reviews at an average of 3% above ERV.
Altogether, the renewals and reviews have added GBP438,189 per
annum to the previous passing rent on the 17 assets, reflecting a
25.6% uplift, and increased the portfolio WAULT to 5.2 years to
break.
The renewals, which have been completed on 12 properties across
all portfolio sub-sectors, include the 77,787 sq ft warehouse at
Foleshill Enterprise Park in Coventry which is let to Brose Ltd,
the major industrial equipment supplier whose clients include
Jaguar Land Rover. The Company secured a more than 30% annual
rental uplift on a five year lease from July 2019.
Five rent reviews were also concluded, including a 36% rental
uplift with Rockwell Automation, the global industrial automation
and information specialists who occupy 38,331 sq ft of office
buildings at Kiln Farm in Milton Keynes, leased to December
2026.
Neil Sinclair, Chief Executive of Palace Capital commented,
"Through a combination of the quality of our assets and our skilled
active management process, we have secured the retention of 12
tenants and at the same time delivered a sustainable increase in
income to balance out our strategic investment in refurbishments
and potential developments.
"Generating income growth from our portfolio is part of our core
strategy and also underpins our approach to capital allocation,
including the significant commitments to our flagship development,
Hudson Quarter, York but also new investment in our assets at
Regency House, Winchester, Sol Northampton and St James' Gate,
Newcastle-on-Tyne. We anticipate a positive return from these
investments in the financial year commencing April 2020 and I look
forward to providing a positive update on our progress at Hudson
Quarter when we announce our interim results in November."
ENDS
For further information, contact:
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
palacecapital@fticonsulting.com
Tel. +44 (0)20 3727 1000
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a UK REIT with a c. GBP275
million diversified portfolio of UK regional commercial property.
The Company maintains a disciplined investment strategy focused on
towns and cities outside of London that are characterised by
thriving local economies and strengthening fundamentals. Within
those locations, the highly experienced management team selects
assets that provide opportunity to drive both capital value and
long-term rental income through tailored active asset management
programmes, ultimately delivering attractive shareholder
returns.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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