£4.5 million loan facility

RNS Number : 7141M

Palace Capital PLC

11 May 2015

 



Palace Capital plc

("Palace Capital" or the "Company")

£4.5 million loan facility secured against Bank House, Leeds

Palace Capital, the property investment company that focuses on commercial property outside London, is pleased to announce that the Company has entered into a facility agreement with Lloyds Bank plc for the provision of a £4.5 million loan (the "Loan").

The Loan is for a fixed term of 4 years and is secured against Bank House, Leeds, which was acquired by the Company for £10 million on 1 April 2015.  Interest is payable on the Loan at a rate of 2.1% over Libor per annum. The Company will use the proceeds of the Loan for general working capital purposes, as well as to pursue further acquisition opportunities.

Neil Sinclair, Chief Executive, commented "We are delighted to have concluded this transaction with Lloyds Bank as we continue with our management initiatives on Bank House as well as pursuing opportunistic acquisition opportunities.  We look forward to building our relationship with Lloyds Bank as we grow the company."

Date: 11 May 2015

For further information contact:

Palace Capital plc

Stanley Davis, Non-executive Chairman

Neil Sinclair, Chief Executive

Tel. [phone]

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Naylor / James Reeve

Tel. [phone]

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. [phone]

Broker Profile (Financial PR)

Simon Courtenay / Harry Rippon Tel. [phone]

 

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