Hardman & Co: Initiation of coverage

Palace Capital (PCA) has almost doubled NAV since the initial investment in October 2013. Good income generation is evidenced by the EPRA EPS and the DPS track record, whilst undertaking incremental refurbishments and development. The investment portfolio is 90% occupied and generates strong cashflows: with a focus on regional city centres, offering occupiers value for money. Development opportunities are optimised. 6% of the portfolio value is in a recently demolished and cleared two-acre site in the heart of York, due to be redeveloped, which will generate a step rise in NAV and in group income, once completed end 2020.

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