Summit Germany : SMTG – deals

Summit Germany buys Fortress portfolio

Summit Germany has announced two deals. For the largest of these they are paying €45.5m to acquire a loan facility with a face value of €74m secured against 11 properties that Summit Germany used to own. Effectively Summit will now control these properties. The portfolio consists of nine office buildings and two retail properties with a total lettable area of 90,000 square metres. The occupancy rate on these is 71% and the rent is €6.3m (equivalent to a yield of 13.7% on the acquisition cost).

The second deal is the sale of a 50% stake in a building in Berlin. the net proceeds of the sale were €1.1m – an uplift of €600,000 on the last valuation.

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