Public Service Properties Inv Ltd Sale of asset (6994N)
02 Febrero 2016 - 1:00AM
UK Regulatory
TIDMPSPI
RNS Number : 6994N
Public Service Properties Inv Ltd
02 February 2016
2 February 2016
Public Service Properties Investments Limited
("PSPI", the "Group" or the "Company")
Sale of asset
PSPI (AIM: PSPI), the specialist European real estate investment
and financing company is pleased to announce that it has exchanged
binding contracts to dispose of its Brakel care home property for a
gross price of EUR3.0 million. The sale was executed with a company
owned by the same beneficial owner as the tenant at Brakel, was
concluded under German law and is expected to close within six
weeks on completion of re-registration of the property in the
appropriate land registry. The asset was sold at the same value
used in preparing the Company's unaudited consolidated results as
at 30 June 2015.
As there was no debt secured against the property, the Group
will apply the sale proceeds to settle transaction costs (estimated
at EUR0.1 million) with the balance to be used for general working
capital purposes pending a proposed return of capital to
shareholders. A further announcement will be made in due
course.
The Company continues to test the market for its three remaining
care homes in Germany.
Patrick Hall, the Chairman of PSPI, reports that:
"The Company is pleased to announce a further disposal after a
period of protracted negotiation. The Company will make
announcements on progress of any further disposals, as and when it
is appropriate."
For further information please visit www.pspiltd.com or
call:
Dr. D. Srinivas Ben Mingay Tom Griffiths
Ralph Beney Sylvester Oppong Henry Willcocks
RP&C International Smith Square Partners Stockdale
(Asset Manager) (Financial Adviser) Securities
020 7766 7000 0203 696 7260 (Nomad and
Broker)
020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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