Commercial property investment company Summit Germany said its board has approved the acquisition of four properties in Germany for a total of EUR 34 mln. The tenants of the properties include Deutsche Telekom, Kamps Bakeries, a major public company and a large insurance company. Summit said the four assets will contribute a net annual income of EUR 2.43 mln, reflecting a net yield of 7.1%. More information will be provided upon completion of the transactions.
Commercial property investment company Summit Germany said its board has approved the acquisition of four properties in Germany for a total of EUR 34 mln. The tenants of the properties include Deutsche Telekom, Kamps Bakeries, a major public company and a large insurance company. Summit said the four assets will contribute a net annual income of EUR 2.43 mln, reflecting a net yield of 7.1%. More information will be provided upon completion of the transactions.
Summit Germany is listed on the AIM segment of the London Stock Exchange and the value of its property portfolio amounts to about EUR 1 bn. ' We are concentrating on the existing portfolio to maximise value for shareholders by driving occupancy levels, restructuring and refurbishing, developing additional space, disposing of properties where their potential has already been achieved and recycling equity,' Summit said in a statement.
