Summit Germany Limited announced 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.