We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Summit Germany | LSE:SMTG | London | Ordinary Share | GG00BJ4FZW09 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.185 | 1.18 | 1.19 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMSMTG
RNS Number : 3946F
Summit Germany Limited
29 October 2018
Summit Germany Limited
("Summit" or the "Company")
EUR86 million German Portfolio Acquisition
29 October 2018
Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce that it has entered into an unconditional agreement to acquire a portfolio of commercial properties from several subsidiaries of Fortress Immobilien AG. The total purchase price is EUR86 million, including acquisition costs.
The acquired properties consist of 8 well located multi service centers in major cities in Germany; mainly Berlin, Frankfurt and Düsseldorf.
The aggregate annual net rent from these properties is EUR5.8 million, which reflects a rental yield of 6.75%. Rental income is expected to increase to EUR6.1 million in the coming years as stipulated in the lease agreements.
The acquired properties, with net lettable area of 58,000 sqm, were constructed between 2005 and 2015. The multi-tenant portfolio is fully let, mainly to strong tenants, with a weighted average lease length of ca. 10 years.
The portfolio also includes ca. 180,000 sqm of additional building rights for future development.
The purchase price, net of EUR51 million senior debt, will be financed by the Company's existing cash. Completion of the acquisition is expected in the coming days.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
For further information please contact:
Summit Germany Limited Tel: +44 (0) 1481 700 300 Zohar Levy - Managing Director Itay Barlev - Finance Director Non-Executive Chairman Tel: +44 (0) 20 7451 7050 Harry Hyman Carey Group, Company Secretary Tel: +44 (0) 1481 700 300 Sara Bourne Liberum Capital Limited, Nominated Adviser Tel: +44 (0) 20 3100 2222 and Joint Broker Chris Clarke / Gillian Martin Cenkos Securities, Joint Broker Tel: +44 (0) 20 7397 8900 Mark Connelly Russell Kerr / Selwyn Jones (Broking)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACQFKFDPQBDDDKB
(END) Dow Jones Newswires
October 29, 2018 03:00 ET (07:00 GMT)
1 Year Summit Germany Chart |
1 Month Summit Germany Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
