LONDON (ShareCast) - Property group Palace Capital has sold one of its properties in Tolworth, Surrey, it announced on Monday.

The 12,300 sq ft property, Argent Court, was sold for £800,000 in cash. It made a £285,000 profit on the sale after costs.

The move, which forms part of its plan to actively manage its portfolio, reduced the company's net debt by just under £775,000, and it no longer has to pay so-called "empty rates" of £110,000 each year.

Neil Sinclair, Managing Director said: "The disposal of the Tolworth property will allow us to reduce both net debt and irrecoverable expenditure which, when taken with the new lettings announced earlier today, is further evidence of our desire to enhance the value of the Sequel portfolio through active portfolio management."

NR

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