Sale of Property

RNS Number : 6343A

Summit Germany Limited

02 January 2018

 

Summit Germany Limited

(the "Company")

Sale of Property for €51.4 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 €51.4 million, 24% above its €41.4 million valuation as of 30.9.2017.

The property's NOI of €1.2 million p.a. reflects NOI yield of 2.3%.

Gross surplus cash flow, following a debt repayment, will amount to ca. €30 million. Completion is expected in the next few weeks.

For further information please contact:

Summit Germany Limited	Tel: [phone]
Zohar Levy - Managing Director
Itay Barlev (Braun) - Finance Director
Non-Executive Chairman	Tel: [phone]
Harry Hyman
Carey Group, Company Secretary	Tel: [phone]
Sara Bourne
Liberum Capital Limited, Nominated Adviser and Joint Broker	Tel: [phone]
Chris Clarke / Jill Li
Cenkos Securities, Joint Broker	Tel: [phone]
Ivonne Cantu
Russell Kerr / Selwyn Jones (Broking)
Inside Information This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

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