Development History

Prior to the admission of PSPI's shares to trading on AIM, the Company was a wholly-owned subsidiary of USI Group Holdings AG, a company listed on the SWX Swiss Exchange.

The USI Group was founded by Dr iur Victor Lanfranconi in 1988 when the properties comprising PSPI’s US portfolio were originally purchased. Between 2001 and 2005, acquisitions included 36 nursing and residential care homes, a school and resource centre and an assisted living business in the UK and the Etzelgut residential care home in Zurich. From 2006 to 30 June 2008, the Group acquired 3 further homes in the UK and 14 care homes in Germany.

The key dates in the development of the USI Group are:

1988
140 US post office facilities acquired and leased to the US Postal Service (“USPS”).

1997
10 year master lease is executed by the USPS covering 140 US post office facilities.

1999
The master lease with USPS is extended for a further 13 years to 2022.

2001
The first 11 nursing and residential care homes in the UK are acquired which are leased to European Care. All facilities in the UK are leased or licensed to European Care for a period of 35 years. The leases benefit from annual rental adjustments based on the increase in the RPI subject to a minimum of 1.5% and maximum of 5% unless otherwise stated.   

2002
An additional nursing and residential care home is acquired in the UK.

2003
Three more nursing and residential care homes are acquired in the UK.

The Etzelgut care home in Zurich, Switzerland is acquired and leased to topCare Management AG for 20 years.

2004
The Wellcare Group consisting of 9 nursing and residential care homes, a school and resource centre and an assisted living business in the UK is acquired.

4 other nursing and residential care homes in the UK are also acquired.

2004/05
The USI Group raises additional cash through the issue of shares and conversion of minority holdings and mezzanine debt into equity prior to a reverse merger with Regedo Holdings AG, a Swiss company listed on the SIX Swiss Exchange. As a result, the Group’s shares became listed.

2005
The Hollygarth portfolio of 8 nursing and residential care homes is acquired and leased to European Care for 35 years.

2006
A mezzanine loan of £2.75 million is advanced to the Esquire Group for partial funding of the latter’s acquisition of 4 freehold care homes and 1 leasehold care home, all located in Scotland. This loan is repaid in 2007.

2007
Placing of 27,333,333 existing and 22,666,667 new shares of PSPI and admission of PSPI's shares to trading on the AIM market of the London Stock Exchange, raising net proceeds for PSPI of approximately £30 million.

The Stonelea portfolio of 3 nursing and residential care homes is acquired and leased to European Care.

The Group enters into a senior debt facility for £83 million with £39 million being used to refinance existing facilities £24 million used to acquire the Stonelea portfolio leaving £20 million unutilised credit available to the Group.

Two nursing and residential care homes are acquired in Germany and leased to the Meritus group and Pflegeheim Huttenstrasse, German private operators.

2008
First capital expenditure project is commenced to join two UK care homes, Lakehouse and Orchard House, thereby increasing bed capacity by 50 per cent. and upgrading the existing facilities. The project was completed in May 2009 at a cost of £4.8 million.

Three care homes located on one site in Brakel, Germany are acquired and leased to the Meritus Group. Three care homes in Wiefelstede, Germany are acquired and leased to Patrineum, a private operator.

Six care homes are acquired in Germany at a gross purchase price of €36 million and leased to the Marseille Kliniken Group, one of Germany’s largest listed operators.

Second UK capital expenditure project commences in Brandon, near Durham, involving the demolition of the existing 23 bed converted nursing home and the construction of a purpose built 46 bed care home, due for completion in April 2010 at a budgeted project cost of £2.6 million.

Meritus Group takes over the leases of the three properties located in Wiefelstede.

2009

The Group borrows €8 million from a bank in Germany which is secured against two investment properties leased to Meritus.

2010

Entry into a senior loan agreement with CorealCredit Bank AG to provide senior debt of €18 million on a fixed interest rate, repayable in March 2013.