Palace Capital buys Dering Properties for £3.93m

17th Aug 2015 12:20

(ShareCast News) - Property investment company Palace Capital has completed the acquisition of Dering Properties for £3.93m.Dering holds the long lease of 46-54 High Street, Sutton, which is a fully-let 21,248 square foot retail and office building around 200 metres from Sutton Railway Station.The property is let to the Sutton Housing Partnership until June 2022 and produces a gross income of £356,000 per annum.Chief executive Neil Sinclair said: "We are delighted to have made this addition to our portfolio of a fully let property with strong tenants and an attractive yield. Sutton benefits from excellent links into Central London and is, in our view, a growth location."The property has excellent potential, and we will be exploring various opportunities in the medium term to create further value for our shareholders through active management."The deal will be funded from Palace Capital's existing cash resources.At 1224 BST, Palace Capital shares were up 2% at 375p.