Palace Capital lets 28,500 sq ft at Harlow office complex

The AIM-traded firm said Sandringham House was part of the Signal Portfolio it acquired from Quintain in 2013, and comprises an office building of 32,750 square feet.

Exela currently leases 17,500 square feet on terms which were due expire in June.

It had taken an additional 11,000 square feet, and signed a new lease on 28,500 square feet for a term of five years, effective from 15 June, at a headline rental of £355,363 per annum.

Palace Capital said Exela would pay a rent of £177,681 per annum until 14 November 2019 in lieu of a rent-free period.

That represented an uplift in rental from £8.75 and £9.40 per square foot to a headline rental of £12.50 per square foot.

“Our primary focus is to engage with our tenants via our active asset management strategy to maintain and grow our income, underpinning our progressive dividend policy for the benefit of our shareholders,” said chief executive Neil Sinclair.

“We are delighted that a tenant of Exela's calibre has decided not only to renew its leases but to take additional space which had only recently become available.”