Palace Capital
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.
- Company typePublic
- Founded2005
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
Palace Capital firmographics
Firmographics- 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
Palace Capital industry classification
Industry- 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
Where Palace Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Palace Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Rental income: Gross property income from office, leisure, and residential properties across the UK
- Property sales: Sale of investment and trading properties as part of managed wind down strategy
- 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
Palace Capital product offering
Product offeringCore 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
Companies that use Palace Capital
Customer profileNamed customers9 records
Segments1 record
Ideal customer profiles2 records
Palace Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Palace Capital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- CBREcoreIndependent property valuer providing portfolio valuations. The property portfolio has been independently valued at fair value in accordance with RICS Valuation - Global Standards.
- BDO LLPcoreExternal auditor providing audit services to the company.
- OregaminorProperty management company managing St James' Gate, Newcastle under a management agreement.
Scale indicators7 records
Recent moves8 records
Expansion highlights2 records
Palace Capital competitors and assessment
Company assessmentDirect 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
Palace Capital social profiles
Digital presencePalace Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Palace Capital leadership team
Management profileNumber of profiles
Profiles4 records
Palace Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
Palace Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Palace Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Palace Capital
What does Palace Capital do?
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.
Is Palace Capital a public or private company?
Palace Capital is a public company. It is classified as public and is currently operating.
When was Palace Capital founded?
Palace Capital was founded in 2005. It employs 11 to 50 people.
Where is Palace Capital based?
Palace Capital is headquartered in London, United Kingdom, in the Europe region.
How does Palace Capital make money?
Three revenue lines are on record. Rental income is the primary driver. The others are property sales and dividend distributions.
Who are Palace Capital's main competitors?
Direct peers on record are Schroder Real Estate Investment Trust, LXi REIT, abrdn Property Income Trust, Regional REIT, Custodian REIT, Picton Property Income and UK Commercial Property REIT. Telereal Trillium is listed as an others. Broad incumbents are British Land and Helical plc.
Does Palace Capital have an API?
No public API is recorded for Palace Capital.
What industry is Palace Capital in?
Palace Capital's product category is Commercial Real Estate Investment. Its primary akta.pro industry code is BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE), with a secondary code of BPAJAMAG, Office Real Estate Asset Management. Its NAICS code is 5259 and its SIC code is 6532.