AIM New Issues Continue Apace

AIM New Issues Continue Apace

The number of companies listed on AIM continues to grow and on Friday 23 March there will be another interesting newcomer, Public Services Properties Investments Limited. The intention is to raise £34m at 150p per share, which would give the company a market capitalisation of £100m. Public Service Properties Investments Limited is a specialist real estate investment and financing company. The company has been building an investment property portfolio over the past six years, which generates an annual rental income of around £10m. The value of this property was £149m as at 30 June 2006.

Until recently, the focus has been on the expansion of UK care homes, which make up the majority of the value of the portfolio. The company’s management believes that there are significant opportunities for the expansion of the company’s activities in Germany and the UK. The investment policy is conservative in that the company aims to make investments in real estate which offer predictable and sustainable cash flow, preservation of investment capital and potential capital appreciation. Properties acquired by the company are leased on a long term basis to tenants whose underlying cash flows are derived from state agencies. Public Services Properties Investments Limited could be one.

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