Executive Summary
Public Service Properties Investments Limited is a specialist real estate investment and financing company. The Company's investment property portfolio, valued at approximately T?149 million as at 30 June 2006, has been substantially built up over the last six years and generates annual rental income of approximately T?10 million. The Company's main focus until recently has been on the expansion of its UK portfolio of care homes, which make up the majority of the value of its portfolio. The management believes that there are significant opportunities for the expansion of the Company's activities in Germany and the UK. The Company's investment policy is to make investments in real estate which offer predictability and sustainability of cash flow, preservation of investment capital and potential capital appreciation. The Company has followed, and intends to continue to follow, a disciplined approach to its acquisitions. Properties acquired by the Company are leased on a long term basis to tenants whose underlying cash flows are primarily directly or indirectly generated from, or supported by, state agencies. In addition to direct investments in real estate, the Company may acquire holdings in real estate companies and/or other real estate investment vehicles. The Company may also acquire indirect interests in real estate, for example, building and development rights. Following Admission, the Company intends to focus on acquisitions in Germany and the UK. In the longer term, the Company may also consider opportunities in other assets classes and countries which meet its investment criteria.
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