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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Summit Properties Limited | LSE:SMTP | 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% | 0.60 | 0.45 | 0.75 | 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
TIDMSMTP
RNS Number : 4612R
Summit Properties Limited
28 February 2019
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Summit Properties Limited
("Summit Properties" or the "Company")
Trading Update
28 February 2019
Further to the announcement of 28 January 2019, Summit Properties Limited, the German commercial real estate company, is pleased to provide a trading update as follows:
-- The net market value of the Company's property portfolio, based on an external valuation, amounts to ca. EUR1.5 billion as at 31 December 2018
-- The property portfolio comprises 103 assets, predominately offices in the top 7 cities in Germany, with a lettable area of ca. 1.1 million sqm.
-- EPRA Vacancy of the core portfolio of 7.3% as at 31 December 2018 -- Loan to Value (LTV) of 39.9% as at 31 December 2018 -- 12 month run-rate gross rental income as of December 2018 of ca. EUR81 million
-- Estimated Rental Value (ERV) of ca.EUR104 million per a third party appraisal, reflecting upside potential of 28% on current rent
-- 143,000 sqm. of development pipeline, out of 503,000 sqm. of additional building rights
-- New acquisition pipeline includes ca. EUR314 million under review, of which ca. EUR74 million is under negotiation
-- The Company forecasts Funds From Operations for the year ending 31 December 2019 to be EUR51-56 million
Further information regarding the portfolio is set out in a presentation made available on Summit Properties' website at www.summit-properties.com/summit_luxco.html.
For further information please contact:
Summit Properties 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, Company Secretary Tel: +44 (0) 1481 700 300 Chris Le Page / Nikolett Mezei Liberum Capital Limited, Nominated Adviser Tel: +44 (0) 20 3100 2222 and Joint Broker Chris Clarke / Gillian Martin / Owen Matthews 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
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(END) Dow Jones Newswires
February 28, 2019 07:45 ET (12:45 GMT)
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