Care home properties investor Public Service Properties Investments (PSPI) has announced that it will sell its non-core overseas assets.
The most recent disposals were 13%-17% below asset valuations back in June 2012.
Two German properties are being sold for €9.7m, which knocks £1.8m off NAV. PSPI still has some German properties in its portfolio.
The sale of US post office assets has reduced NAV by £1.2m. The sole property in Switzerland has been sold and this reduced NAV by £2.4m.
The UK properties are fully let on long-term leases with index linked rents.
The German and the US disposals complete in early 2013 but these have been included in 2012 forecasts. Edison Investment Research estimates net debt at £31.5m at the end of 2012, while net assets are estimated at £57.4m – effectively halved over 12 months.
UK debt of £18.1m is due for refinancing at the end of 2013 and in March 2014. The German debt matures in May 2014 and March 2020.
At 14.5p a share, PSPI is valued at £15.3m. The shares are trading at a 72% discount to estimated 2012 NAV.
PSPI raised £34m at 150p a share when it joined Aim on 26 March 2007.
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