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| 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 Apr 2019 to Apr 2024
TIDMSMTG
RNS Number : 9105L
Summit Germany Limited
24 July 2017
Summit Germany Limited
(the "Company")
EUR15 million Disposal of Properties
24 July 2017
Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce that it has entered into an unconditional agreement for the sale of 18 small properties (the "Properties") for a total consideration of EUR15 million, of which EUR9.1 million will be in cash and the balance through a five-year loan bearing an average annual interest rate of 3%. This loan is secured by a first rank mortgage over the Properties and the shares of the companies in which they are held.
The sale price reflects the value of the Properties in the Company's financial statements for the year ended 31 December 2016. Completion of the transaction is expected within a few days.
Most of the cash proceeds of the sale will be used to part repay one of the Company's debt facilities. Following preliminary discussions with the lender of the facility, subject to repayment of certain agreed amounts, the facility will be extended for an additional ten-year period with a total expected interest and amortisation rate of ca. 5% p.a. compared to the current rate of 8% p.a. The Company and the lender aim to complete these amendments to the terms of the loan before 31 December 2017. Following the repayment of ca. EUR9 million, the loan balance with the Company's lender would be reduced to EUR51 million.
The sale of the Properties improves the overall quality of the Company's portfolio and is consistent with the Company's strategy to focus on substantial properties in attractive locations and to dispose of non-strategic and small properties.
Inside Information
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
For further information please contact:
Summit Germany Limited Tel: +44 (0) 1481 700 300 Zohar Levy - Managing Director Itay Barlev (Braun) - 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 Tel: +44 (0) 20 3100 2222 Adviser and Joint Broker Chris Clarke / Jill Li Cenkos Securities, Joint Broker Tel: +44 (0) 20 7397 8900 Ivonne Cantu Russell Kerr / Selwyn Jones (Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 24, 2017 08:30 ET (12:30 GMT)
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