Public Service Properties Inv Ltd Strategic Review Update

TIDMPSPI

RNS Number : 5444S

Public Service Properties Inv Ltd

09 July 2015

9 July 2015

Public Service Properties Investments Limited

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

Strategic Review Update - sale of asset

PSPI (AIM: PSPI), the specialist European real estate investment and financing company is pleased to announce that it has exchanged contracts to dispose of its Huttenstrasse care home property for a gross price of EUR5.4 million. The sale, which was concluded under German law, is expected to close within six weeks on completion of re-registration of the property in the appropriate land registry. The sale was concluded at a discount of 2.5% to the independent net value of the asset used in preparing the Company's audited consolidated results as at 31 December 2014.

As there was no debt secured against the Huttenstrasse property, the Group will apply the sale proceeds to settle transaction costs (estimated at EUR0.2 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 four 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           Philip Kendall           Henry Willcocks 
                        Sylvester Oppong 
 
  RP&C International    Smith Square Partners    Westhouse 
  (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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