29th Nov 2018 15:23
LONDON (Alliance News) - AIM-listed German commercial property investment company Summit Germany Ltd said Thursday net asset value per share increased in the nine months ended September.
As at September 30, Summit Germany's NAV per share was EUR1.32 compared to EUR1.15 as at the end of December, representing a 15% increase.
Summit Germany's total assets increased 24% in the first nine months of the year to EUR1.31 billion from EUR1.06 billion as at the end of 2017.
The company's revaluation profit in the period was EUR79.3 million compared to EUR93.8 million the year before.
The trust's rental income increased 6.3% in the first nine months to EUR47.3 million from EUR44.5 million reported at the same period the year before.
Summit Germany's pretax profit in the period was down 9.2% to EUR110.1 million from EUR121.3 million year-on-year.
The company said there is a lack of supply in the German commercial market and, therefore, "rental demand is resilient and rent levels are increasing". As a result, German commercial rent levels "may" continue to grow in the "coming years until demand is satisfied".
Summit Germany anticipates these market "dynamics" will have a positive impact on the valuation of the company's portfolio for the current financial year, ending December 31.
Shares in Summit Germany were down 0.5% Thursday at EUR1.11 each.