11th Sep 2015 07:29
LONDON (Alliance News) - Summit Germany Ltd posted a rise in interim pretax profit on Friday as the group was boosted by a rise in rental income and acquisitions it has made.
Summit, the German commercial property investor, said its pretax profit for the six months to the end of June was EUR9.3 million, up from EUR6.9 million a year earlier as its rental income for the period increased to EUR22.1 million from EUR20.3 million.
The company made two acquisitions in the half, comprising six commercial properties, including sites in Dusseldorf, Heidelberg and Potsdam, and the acquisition of a complex of office buildings in Stuttgart.
The group now has 95 properties in its portfolio with a gross asset value of EUR582 million and an expected annual net rent of EUR47.0 million. Its occupancy rate has been maintained at 90.5%.
"We are delighted with our achievements during the last periods and are very excited by the recent additions to our portfolio. With a strong team and a stable growing portfolio we look positively to the future, confident in further delivering an enhanced value to our shareholders," said Zohar Levy, Summit Germany's managing director.
Shares in Summit were untraded on Friday morning, having last traded at EUR0.905.
By Sam Unsted; [email protected]; @SamUAtAlliance
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