AIM-listed Summit Germany has said that UK fund manager Artemis Investment Management now holds almost 30 million shares, or 10.58% of Summit's issued share capital. Summit Germany is the Guernsey-incorporated closed-end vehicle that invests primarily in office, industrial and other commercial properties throughout Germany.
AIM-listed Summit Germany has said that UK fund manager Artemis Investment Management now holds almost 30 million shares, or 10.58% of Summit's issued share capital. Summit Germany is the Guernsey-incorporated closed-end vehicle that invests primarily in office, industrial and other commercial properties throughout Germany.
Last week Summit reported net profit from operations of EUR 6.3mln for the first six months of 2008 compared to EUR 3.9mln in the same period last year. Summit reported a net profit of EUR 7.4mln for the full-year 2007. The company's real estate portfolio consists of 113 properties with an aggregate valuation of EUR 934mln. The portfolio produces an annual rental income of EUR 66mln, reflecting an average net yield of 7% and rising to 7.7% on full occupancy.
Chairman John Lamb commented: 'As recent events have demonstrated, these are tough times and the company's portfolio has reduced in value by EUR 23mln (2.4%). However, the group has continued to perform well despite recent fluctuations in the global economy and our business model remains robust, as demonstrated by an operating profit of EUR 6.3mln, which has allowed the Directors to declare a dividend of 2.3% per share as a first interim dividend for the current financial period ending 31 December 2008.'
