PSPI, the London-listed specialist real estate investment and financing company, has signed a refinancing agreement with an existing lender for two existing facilities.
PSPI, the London-listed specialist real estate investment and financing company, has signed a refinancing agreement with an existing lender for two existing facilities.
The loans totalled EUR 17.2 mln and were due for repayment at end-March 2013.
The loans are secured by six properties in Germany leased to the Marseille Kliniken group. The refinancing comprises two new loans each maturing on 31 March 2020 and will be secured by the same six properties as the current loans.
PSPI will be charged a fixed rate of interest of 4.05% from 1 April 2013 and will make capital repayments of EUR 270,000 per annum during the term of the new loans.
The company also announced it has entered into binding contracts to sell two properties in Germany for EUR 9.7 mln, reflecting an implied property yield of 8.4% on the net rent. The transaction is scheduled to complete before the end of January 2013.
PSPI will use EUR 5.4 mln of the proceeds to repay debt secured against properties in Germany, prepayment penalties and transaction costs of approximately EUR 600,000. The balance of the net proceeds will be used for general working capital purposes.
The selling price represents a discount of 13.2% to the independent gross valuation included in the company’s unaudited consolidated interim results for the six months to end-June 2012 or a discount of 7.8% to the independent net valuation.
