Palace Capital - HQ completion opens strong growth opportunity
Palace Capital’s (PCA) FY21 results were robust, with a clear improvement in the second half. With a good level of rent collection continuing, Q421 DPS was increased by 20%, to a level that management hopes to at least maintain through FY22. Importantly, the flagship Hudson Quarter (HQ) development in York completed in April, on budget. We expect HQ to be a significant driver of forecast increasing returns and deleveraging.Palace Capital is a property investment company that focuses on commercial real estate outside London. Co. invests in refurbishment and capital development programmes within the existing portfolio to unlock capital growth, as well as invests in commercial real estate in the U.K. Co.'s property portfolio includes investment properties located throughout England, predominantly regional investments outside London and comprises a diverse portfolio of commercial buildings.
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