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HARDMAN & CO RESEARCH Hardman & Co Research: Palace Capital (PCA): Hudson Quarter, York, development commences

Directive transparence : information réglementée

21/03/2019 17:56

Hardman & Co Research
Hardman & Co Research: Palace Capital (PCA): Hudson Quarter, York, development commences

21-March-2019 / 16:56 GMT/BST


Hardman & Co Research: Hudson Quarter, York, development commences

Palace Capital is a real estate investor. It has recently commenced construction of its mixed residential and commercial development at Hudson Quarter, having secured a new £26.5m debt facility and fixed price contract. Supply in this location is tight and the projected gross development value of £65m would thus appear robust. The current site book value is £16.8m. The building contract is £35m (part of a total projected cost of £37m, pre-interest). We note that the full benefit of Hudson Quarter is derived during FY22, when Palace Capital will receive significant free cash. This is one of several factors underpinning significant medium-term expansion in capacity to pay growing dividends.

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https://www.hardmanandco.com/research/corporate-research/hudson-quarter-york-development-commences/

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End of Announcement - EQS News Service

790493  21-March-2019 

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