Summit Germany has raised a further EUR 150 mln through the issue of 120 million shares at EUR 1.25 per share, the real estate investment trust said on Thursday. The issue reflects a market capitalisation of EUR 345 mln. The offer was taken up by international investment institutions, most of which have not previously invested in the fund. Summit Germany said it plans to use part of the proceeds from the latest offering to finance the acquisition of a controlling stake in real estate company Deutsche Real Estate.
Summit Germany has raised a further EUR 150 mln through the issue of 120 million shares at EUR 1.25 per share, the real estate investment trust said on Thursday. The issue reflects a market capitalisation of EUR 345 mln. The offer was taken up by international investment institutions, most of which have not previously invested in the fund. Summit Germany said it plans to use part of the proceeds from the latest offering to finance the acquisition of a controlling stake in real estate company Deutsche Real Estate.
Summit Germany raised EUR 80 mln in its first offering last year and then a further EUR 75 mln in a second placement last November. Both offers were made at EUR 1 per share. On completion of the acquisition, Summit Germany will own a portfolio of 76 commercial properties.
