Aston Rose advises Palace Capital on acquisition of Property Investment Holdings

Palace Capital has completed the £3.42m acquisition of the share capital of Property Investment Holdings (PIH), a Weybridge-based property firm, to expand its property portfolio in a transaction introduced by Aston Rose. The PIH portfolio, which currently includes 17 properties worth £32m, generates annual income of around £2.5m. Palace Capital has issued 7,555,071 new ordinary shares to be admitted for trading on AIM. Neil Sinclair, Managing Director of Palace Capital commented: “I am delighted to be able to announce this, our second major acquisition. The portfolio of properties is in good locations, predominantly in the South East. The Board is confident that there are many opportunities to unlock significant value from these properties.” He went on to say: “The market trends remain encouraging and we will be working hard to improve the returns from our entire property portfolio to further enhance shareholder value.” Duncan Preston, Director at Aston Rose said: “We are delighted to have worked with Neil Sinclair and his colleagues at Palace Capital to meet their goal of expanding the portfolio size with additional properties which provide active management possibilities and opportunities to enhance the cashflow.”