PSPI Public Services Properties Investments

TIDMPSPI

RNS Number : 6062R

Public Service Properties Inv Ltd

10 March 2016

10 March 2016

Public Service Properties Investments Limited

("PSPI", the "Group" or the "Company")

Sale of assets

PSPI (AIM: PSPI), the specialist European real estate investment and financing company is pleased to announce that it has exchanged conditional contracts to dispose of its three remaining properties leased to the Marseille Kliniken Group ("MK") for an aggregate gross price of EUR10.0 million. The sales were executed with subsidiaries of MK, were concluded under German law and are expected to close within six weeks on completion of re-registration of the properties in the appropriate land registry and after registration of charges in favour of the purchasers' lender. The sales were concluded at a discount of 2.0 per cent. to the independent net value of the assets used in preparing the Company's unaudited consolidated results as at 30 June 2015.

Approximately EUR4.1 million of the sale proceeds will be used to repay senior debt secured against the three properties and approximately EUR0.2 million will be used to settle pre-payment penalties under an interest rate swap agreement with the senior lender. The Group will apply the net sale proceeds to settle transaction costs (estimated at EUR0.4 million) with the balance to be used for general working capital purposes. The transactions will complete the sale of the Company's remaining investment properties held in all jurisdictions.

Patrick Hall, the Chairman of PSPI, reports that:

"The Company is pleased to announce the conditional disposal of the last investment properties after a period of careful negotiation. The Company will make an announcement on a further return of capital once the transactions have settled."

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

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March 10, 2016 02:00 ET (07:00 GMT)

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