London-listed property investor PSPI has disposed of its US portfolio and one investment property in Switzerland.
London-listed property investor PSPI has disposed of its US portfolio and one investment property in Switzerland.
PSPI will sell its shares in subsidiaries that own 140 properties leased to the US Postal Service as well as net debt of $18.5 mln for a gross price of $1.6 mln (EUR 1.2 mln).
The transaction effectively values the properties at $20.2 mln, implying a gross rental yield of 10.1% and a discount of 13.4% to the independent valuation used in the company's unaudited consolidated interim results for the six months to end-June 2012.
The net proceeds of $600,000 will be used to augment PSPI's working capital.
PSPI has also sold its only investment property in Switzerland for a gross price of CHF 12 (EUR 9.9 mln), implying a gross rental yield of 10.2%.
