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 £84 million as at 31 December 2012. The portfolio was acquired between 2004 and 2008 and generates current annual rental income and business fees of approximately £7.9 million. The net asset value per share was 54.9 pence at 31 December 2012. 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 had a weighted average lease term of 22 years at 31 December 2012 and consolidated debt representing 39% of the consolidated independently appraised value of investment properties.
The Company commenced a strategic review of its operations in the first quarter of 2011 as a result of continued difficulties to raise financing on acceptable terms following the global debt crisis since 2008 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 in a non cash transaction for shares in the operating group in July 2012. The Company also sold two investment properties in Germany to release equity and sold its investments in Switzerland and the US in December 2012.