PSPI sells last three properties for €10m

(ShareCast News) - Specialist European real estate investment and financing company PSPI said it had exchanged conditional contracts to dispose of its three remaining properties leased to the Marseille Kliniken Group for an aggregate gross price of €10m (£7.7m).The sales 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, PSPI said in a statement.The sales were concluded at a discount of 2% to the independent net value of the assets used in preparing the company's unaudited consolidated results as at 30 June 2015.PSPI said about €4.1m of the sale proceeds will be used to repay senior debt secured against the three properties and approximately €0.2m will be used to settle pre-payment penalties under an interest rate swap agreement with the senior lender.It added that net sale proceeds will be used to settle transaction costs of around €0.4m, 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. PSPI chairman Patrick Hall said the company would make an announcement on a further return of capital once the transactions have settled.