Summit Germany, the AIM-listed German commercial property investment company, is pleased to announce that it has acquired one office building in Munich and another property in Duisburg, at a total purchase price of € 15 million, including acquisition costs.
The properties consist of ca. 12,000 square metres of lettable area and are fully let to several strong tenants with a Weighted Average Lease length (WALL) of 6.5 years. The aggregate net rent is ca. €
1.2 million per annum, reflecting a rental yield of 8.1% on the acquisition cost. Completion is expected to take place within the next few weeks.
In addition, since the last trading update in December 2015, the Company has sold 3 small retail properties for a total consideration of € 2.4 million, in line with their book value.
Zohar Levy, Managing Director commented,
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For further information please contact:
Itay Braun - Finance Director
Ivonne Cantu (Nomad)
Russell Kerr / Selwyn Jones (Broking)
Simon Courtenay Harry Rippon
Summit Germany Ltd. issued this content on 2016-01-08 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-11 08:57:02 UTC
Original Document: http://www.summitgermany.com/downloads/2016-01-08_Property_Acquisitions_January_2016.pdf