Hardman & Co Research
Hardman & Co Research: Palace Capital (PCA): 1H'20 results announced
27-Nov-2019 / 15:35 GMT/BST
Hardman & Co Research: 1H'20 results announced
1H'20 results were announced on 19 November. Seventeen lease events have been
completed. Impressively, these were 25% above passing rent and 3% above ERV
(i.e. previous estimated valuers' levels). FY19 was struck 14% above passing
rent. The total property return was 1.5%, outperforming the MSCI quarterly
index. Early progress at the Hudson Quarter mixed-use development inside York
city walls is slightly ahead of viability, with sales of 21 units in under 20
weeks (with seven additional under offer). This leads us to upgrade FY21E
profits, NAV and cash significantly, but, with a view to the further delays to
political certainty, we trim anticipated rental rises slightly.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/1h20-results-announce
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End of Announcement - EQS News Service
922969 27-Nov-2019
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(END) Dow Jones Newswires
November 27, 2019 10:35 ET (15:35 GMT)
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