Welcome to Public Service Properties Investments Limited
Public Service Properties Investments Limited (“PSPI” or the "Company") is a specialist real estate investment and financing company organised under the laws of the British Virgin Islands. Its shares are traded on the AIM market of the London Stock Exchange.
The Company's investment property portfolio was independently valued at approximately £72.1 million as at 31 December 2013. The portfolio was acquired between 2004 and 2008 and generates current annual rental income and business fees of approximately £8.1 million. The net asset value per share was 49.2 pence at 31 December 2013. The current investment property portfolio is held through various wholly-owned subsidiaries (the "Group") and comprises 9 nursing and residential care homes, a school and resource centre for children and adults with special learning needs and an assisted living business in the UK and 8 care homes in Germany.
The Company commenced a strategic review of its operations in 2011 as a result of continued difficulties to raise financing on acceptable terms following the global debt crisis and increasingly difficult operating conditions, particularly in the UK healthcare market where the Company was exposed to a single tenant group. As a result, the Company sold a number of its UK assets, two investment properties in Germany and sold its investments in Switzerland and the US in the period up to 28 February 2013. The Company also focused on completing the refinancing of debt facilities as they fell due in 2013 and has been successful in extending maturities and reducing amortisation profiles. The Company contines to cautiously test the market for the remaining assets held in the UK and Germany.