2 Feb 2016 07:00
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 €3.0 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 €0.1 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 Ralph Beney
RP&C International (Asset Manager) 020 7766 7000 | Ben Mingay Sylvester Oppong
Smith Square Partners (Financial Adviser) 0203 696 7260 | Tom Griffiths Henry Willcocks
Stockdale Securities (Nomad and Broker) 020 7601 6100 |