TIDMSMTG

RNS Number : 6343A

Summit Germany Limited

02 January 2018

Summit Germany Limited

(the "Company")

Sale of Property for EUR51.4 million

2 January 2018

Summit Germany Limited, the German commercial real estate company, is pleased to announce that its subsidiary has signed a binding agreement for the disposal of a German office building for a consideration of EUR51.4 million, 24% above its EUR41.4 million valuation as of 30.9.2017.

The property's NOI of EUR1.2 million p.a. reflects NOI yield of 2.3%.

Gross surplus cash flow, following a debt repayment, will amount to ca. EUR30 million. Completion is expected in the next few weeks.

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) 
 
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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January 02, 2018 02:00 ET (07:00 GMT)

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