15th Jan 2015 09:19
LONDON (Alliance News) - Summit Germany Ltd Thursday said it has raised EUR120 million by issuing 171.4 million shares at 70 euro cents each in an oversubscribed placing with existing and new institutional investors.
The German commercial real estate company said it will use the money to finance property acquisitions, joint ventures and co-investments as it moves towards its target of building an internally-managed portfolio worth more than EUR1 billion.
"The company is currently exploring a range of attractive acquisition opportunities and will seek to complete a number of them using the proceeds of the placing," it said.
"Demand for the properties of the company and its subsidiaries continue to be strong and are increasing with the increase in rental income and occupancy. The board is confident that the company is well positioned to benefit from the market trends by executing on new acquisition opportunities; by continuing to enhance the rental income from its properties and by realising value from its substantial portfolio," it added.
Its AIM-listed shares were up 1.4% at EUR0.74 Thursday morning.
Separately, Summit Germany said it had appointed Liberum Capital as its joint corporate broker with immediate effect. Liberum will work alongside its existing broker and nominated adviser Cenkos Securities.
By Steve McGrath; [email protected]; @stevemcgrath1
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