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 Zohar Levy - Managing DirectorTel: +44 (0) 1481 700 300
Itay Barlev (Braun) - Finance Director
Non-Executive Chairman Harry Hyman
Tel: +44 (0) 20 7451 7050
Carey Group, Company Secretary Sara Bourne
Tel: +44 (0) 1481 700 300
Liberum Capital Limited, Nominated Adviser and Joint Broker Chris Clarke / Jill Li
Tel: +44 (0) 20 3100 2222
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.
Summit Germany Ltd. published this content on 02 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 January 2018 11:09:02 UTC.
Original documenthttp://www.summitgermany.com/downloads/2018-01-02_Sale_of_Property.pdf
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