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Palace Capital PLC - London-based investor in commercial real estate - Announces it has sold 22 Market Street, an office property in Maidenhead, to a client of Soor Capital for £9.6 million. Palace Capital says it will use some of the proceeds to repay £3.5 million of bank debt, gross debt will be £20.2 million, and cash reserves will be £20.1 million. Palace Capital’s net debt position will be £100,000. Executive Chair Steven Owen says: ‘The selective sales of properties such as Maidenhead demonstrates the steps we are taking to reduce debt and leverage in line with our strategy of maximising cash returns to shareholders. Current stock price: 238.00 pence, up 1.3% on Wednesday 12-month change: down 14% Copyright 2023 Alliance News Ltd. All Rights Reserved
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