d1ca04e1-7102-4af9-a8d8-d60efc0c6a46.pdf Summit Germany Limited ("Summit Germany" or the "Company")


€15m Acquisition of German Offices


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,


"The acquired properties in Munich and Duisburg fit our strategy as they are well located, with low capital value and a very stable income. Together with long term financing they will improve our cash flow."


"We continue to strengthen our portfolio by disposing of small and non-strategic properties while acquiring properties in strong locations and we expect to acquire more properties in the next few months."

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For further information please contact:


Summit Germany Limited Tel: +44 (0) 1481 700 300 Zohar Levy - Managing Director

Itay Braun - Finance Director


Non-Executive Chairman Tel: +44 (0) 20 7451 7050 Harry Hyman


Carey Group, Company Secretary Tel: +44 (0) 1481 700 300 Sara Bourne


Cenkos Securities, Nominated Adviser Tel: +44 (0) 20 7397 8900 and Joint Broker

Ivonne Cantu (Nomad)

Russell Kerr / Selwyn Jones (Broking)


Liberum Capital Limited, Joint Broker Tel: +44 (0) 20 3100 2222 Chris Clarke / Jill Li


Capital Access Group Tel: +44(0) 20 3763 3400

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