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Palace Capital converts to REIT

Palace Capital converts to REIT – Palace Capital will join the UK REIT regime from today.

The company has provided HMRC with notice of the conversion and said it expects to pay the first dividend as a UK REIT in December.

It also announced a significant letting at its Sol Northampton leisure scheme. It has let 23,500 sq ft of space to Gravity Fitness on a 15-year lease.

The lease agreed with Gravity Fitness is at an initial rent of £141,000 a year, with a minimum increase every five years based on changes to RPI plus a percentage of turnover, once it reaches £1m a year. Palace Capital will provide a six month rent free period and contribute towards the fit out of the unit.

PCA : Palace Capital converts to REIT

 

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