Palace Capital

What Palace Capital does

Palace Capital plc is a London-listed UK regional commercial property investment company operating under the UK REIT regime (converted August 2019), with ticker LON:PCA on the LSE Main Market premium segment. Its core product is a diversified portfolio of freehold commercial assets located outside London — in regional cities and university towns with strong infrastructure — across office (~59%), leisure (~30%) and residential (~11%) sectors. The current portfolio of five properties (St James Gate Newcastle, Sol Northampton, The Forum Exeter, Imperial Court/House Leamington Spa, and Hudson Quarter York) was independently valued by CBRE at £31.3 million as at 31 March 2026.

The company pursues an active asset-management model, leasing space to multi-let commercial tenants including JD Wetherspoon, Pizza Express, Vue Entertainment, Pure Gym, ACCOR, Marstons, Aldi, TGI Friday's and the Bank of England. Revenue is generated primarily through contractual rental income (currently £6.1 million) and secondarily through property disposals; shareholders receive distributions via Property Income Distributions under the REIT regime and share buybacks. The company is debt-free.

Since announcing a managed wind-down strategy in July 2022, Palace Capital has shifted from acquisition-led growth to capital return: it has sold over £160 million of assets, fully repaid £95.4 million of bank debt, and returned more than £64 million to shareholders via buybacks and dividends. NAV has fallen from £72.5m to £42.5m between March 2025 and March 2026. The current board, appointed in January 2026, is associated with Lakestreet Capital Partners AG, which holds ~29.88% of shares; the Panel on Takeovers and Mergers has granted a Rule 9 waiver allowing that stake to rise to ~36.71% via ongoing buybacks. The board is also publicly weighing a potential Real Estate sector consolidation, leaving the company's long-term operating posture between continued wind-down and a strategic combination.

Name

Palace Capital

Legal name

Palace Capital plc

Website

https://palacecapitalplc.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Palace Capital plc is a London-listed UK REIT operating a five-asset regional commercial property portfolio (office, leisure, residential) valued at £31.3m and is in an active managed wind-down returning cash to shareholders via buybacks and dividends.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Office Real Estate Asset Management (BPAJAMAG), Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

Keywords

• Commercial property investment
• Real estate investment trust
• Regional property portfolio
• Asset management services
• Property leasing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Rental income: Gross property income from office, leisure, and residential properties across the UK
2. Property sales: Sale of investment and trading properties as part of managed wind down strategy
3. Dividend distributions: Property Income Distributions (PID) as a REIT and ordinary distributions to shareholders

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Palace Capital plc is a UK regional commercial property investment company operating as a Real Estate Investment Trust (REIT). It acquires, actively manages, and disposes of office, leisure, and residential properties in regional UK cities outside London. The company is currently in a managed wind-down phase, returning capital to shareholders through share buybacks, Property Income Distributions, and asset disposals.

Product overview

Palace Capital is a UK regional commercial property investment company that has converted to a Real Estate Investment Trust (REIT) regime. The company operates a diversified portfolio of commercial properties across office, leisure, and residential sectors, with properties located in regional UK cities outside London. The portfolio currently consists of five remaining investment properties: St James Gate in Newcastle, Sol in Northampton, The Forum in Exeter, Imperial Court/House in Leamington Spa, and Hudson Quarter in York. The company's strategy focuses on actively managing these assets to maximize returns and return cash to shareholders through buybacks and dividends. The portfolio was independently valued by CBRE at £31.3 million as at 31 March 2026. The company operates with no debt (debt-free) and focuses on maximizing cash returns to shareholders while considering consolidation in the Real Estate sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Regional Commercial Property Portfolio

Named customers9 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• CBREcoreOthers · 31 March 2026Independent property valuer providing portfolio valuations. The property portfolio has been independently valued at fair value in accordance with RICS Valuation - Global Standards.
• BDO LLPcoreOthersExternal auditor providing audit services to the company.
• OregaminorOthersProperty management company managing St James' Gate, Newcastle under a management agreement.

Scale indicators7 records

Recent moves8 records

Expansion highlights2 records

Direct peers

• Schroder Real Estate Investment Trust: UK actively managed REIT investing in commercial property across UK regions. Comparable diversified UK commercial real estate strategy, Main Market listing, and active asset management approach.
• LXi REIT: UK REIT investing in commercial property assets with long-term leases. Similar long-lease UK commercial property focus, Main Market listing, and capital allocation discipline via dividends and selective disposals.
• abrdn Property Income Trust: UK diversified commercial property trust focused on UK regional offices, industrials, retail and alternatives. Comparable multi-sector UK commercial property mandate and Main Market listing.
• Regional REIT: Direct UK small-cap peer focused exclusively on regional commercial property (office, industrial, retail) across UK regions outside London. Same target asset class, same regional UK focus, and similar LSE Main Market listing — making it the most directly comparable active operator.
• Custodian REIT: UK diversified REIT investing in smaller, regional commercial properties across office, retail, industrial and leisure sectors. Similar regional UK focus, multi-let approach, and small-cap Main Market listing make it a close operational comparable.
• Picton Property Income: UK commercial property REIT investing across regional UK markets in office, industrial, retail and leisure assets. Comparable diversified regional UK strategy and Main Market listed REIT structure.
• UK Commercial Property REIT: UK REIT focused on commercial property assets across the UK. Similar diversified UK commercial property mandate, Main Market listing, and small-cap REIT structure.

Others

• Telereal Trillium: Large private UK property group with regional portfolios. Notably, Head of Property Daniel Davies spent 12 years at Telereal Trillium, providing direct executive-level experience with this regional UK property operator.

Broad incumbents

• British Land: Major FTSE-listed UK REIT operating large-scale office, retail and mixed-use portfolios. Comparable in the office/UK commercial REIT category but at materially larger scale and broader geographic mandate.
• Helical plc: Larger UK Main Market listed property company with a focus on office-led development and investment in London and select regional cities. Overlaps with Palace Capital's UK office exposure but operates at a much larger, development-led scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/Palace_Capital
• Facebookfacebook.com/palacecapitalplc
• LinkedInlinkedin.com/company/1815729

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Palace Capital