6th Jul 2015 06:59
LONDON (Alliance News) - Summit Germany Ltd on Monday said it has signed a deal to acquire a loan facility on a portfolio of six commercial properties in Germany for EUR40 million.
Summit said it expects the deal to complete in the next few days.
The portfolio consists of six office properties in Germany, including ones in Dusseldorf, Heidelberg and Potsdam. It has an aggregate net lettable area of 63,000 square meters and occupancy rate of 72%.
The properties currently generate an aggregate net annual rent of around EUR5.5 million, reflecting rental yield of 13.8% on the acquisition cost, Summit said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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