Public Service Properties Investments (LON:PSPI) - Progress on strategic review

Thursday, Jan 03 2013 by

Jan 03rd 2013 - Edison Investment Research today published a report on Public Service Properties Investments (PSPI.L, LSE:PSPI, LON:PSPI) entitled "Progress On Strategic Review". In summary, the report says:

Public Service Properties Investments (PSPI) announced material progress on its strategic review in December. It has reduced refinancing risk and either removed or cut exposure to weaker, non-core components of its portfolio. It refinanced €17.2m of debt secured on six German care homes due to expire in March 2013 and extended the term by seven years to March 2020 at a 4.05% fixed rate. The disposals were all US and Swiss assets, with two properties in Germany. Sales prices were between 13% and 17% below mid-year valuations, reflecting a relatively weak negotiating position as it sought buyers. Although this has had a negative c 6p impact on NAV/share to 56p following the transactions, it puts PSPI in a more stable...




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