Summit Germany Limited EUR 100 million German Portfolio Acquisition (1329J)
June 26 2017 - 3:50AM
UK Regulatory
TIDMSMTG
RNS Number : 1329J
Summit Germany Limited
26 June 2017
Summit Germany Limited
("Summit" or the "Company")
EUR100 million German Portfolio Acquisition
26 June 2017
Summit Germany Limited, the AIM-listed German commercial
property investment company, is pleased to announce that it has
entered into an unconditional agreement with Dazzle Capital
Holdings Ltd., for the acquisition of a portfolio of commercial
properties at a total purchase price of approximately EUR100
million including acquisition costs, located in 4 different sites
in the city of Wolfsburg, Germany.
The aggregate annual net rent from these properties is EUR7.9
million, which reflects rental yield of 7.9%.
The purchase price net of liabilities in the amount EUR70
million will be financed by the Company's existing cash of EUR30
million.
The acquired assets, consisting of 80,000 sqm of lettable area,
were constructed in the years 1999 - 2014 over 130,000 sqm of land,
and are fully let, mainly to the Volkswagen group (approximately
60% of the lettable space through 15 different leases), as well as
to other leading companies in the automotive industry.
This acquisition will increase the company's GAV from EUR800
million to EUR900 million and the net rent from EUR58 million to
EUR66 million.
Completion of the acquisition is expected in the coming
days.
Wolfsburg is a city with a population of 120,000 in the center
of Germany recently ranked as the German city with highest GDP per
capita and is the location of Volkswagen headquarters and the
world's biggest car plant.
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
Adviser and Joint Broker 2222
Chris Clarke / Jill Li
Cenkos Securities, Joint Broker Tel: +44 (0) 20 7397
8900
Ivonne Cantu
Russell Kerr / Selwyn Jones
(Broking)
Inside Information
This announcement contains inside information
which is disclosed in accordance with the Market
Abuse Regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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