Hardman & Co Research: Palace Capital (PCA): Portfolio and trading update

Hardman & Co Research: Portfolio and trading update

Palace Capital's portfolio and trading update of 2 May showed underlying values up year- on-year. A lease event, resulting in a profit and cash upgrade, was announced on 7 May. This showed a cash premium being agreed to be paid by the tenant. The loan-to-value (LTV) stood at 33%. Palace Capital took the "strategic decision to hold back on letting some of our vacant space where we see the opportunity to drive value and income potential." Construction has recently commenced for the Hudson Quarter, York, mixed residential-commercial development inside the city walls. This is one of several factors underpinning significant medium-term expansion in capacity to pay growing dividends.

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