Public Service Properties Inv Ltd Sale of assets (6062R)
10 3월 2016 - 4:00PM
UK Regulatory
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
END
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