15th Jul 2014 07:58
LONDON (Alliance News) - Commercial real estate business Summit Germany Ltd Tuesday said it was active in the market during the first six months of 2014, signing 99 new leases and renewals worth EUR4.5 million a year in rent.
The company which was admitted to trading on AIM in February said it acquired a EUR75.3 million loan facility at a cost of EUR46 million to regain control of a portfolio of 11 properties across Germany. The portfolio has a net annual rental income of around EUR6.3 million and an implied gross rental yield of 13.7%.
Additionally, Summit Germany said it sold its interest in a property in Berlin at a yield of 5.2%.
Overall, the company said the occupancy rate across its portfolio increased to 85.7% compared with 84.5% a year earlier. Annual net rent increased to EUR45.7 million from EUR39.5 million following acquisitions and new lettings.
Total bank debt fell to 54% loan-to-value ratio compared with 62% a year earlier.
The company's half-year results to June 30 will be published in mid-September.
Summit Germany shares were quoted up 0.9% at EUR0.646 Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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