Summit Germany has announced that it has raised €120m from investors by way of a placing of 171.4m new shares at 70- cents per share. They plan to use the money to expand the portfolio and have identified an office portfolio worth the full €120m which they are now negotiating on, part of this will be paid for with debt though. They are using €48.9m of the money they have raised to pay back a loan that Summit Israel made to the company (at a 10% premium to the value of the loan to reflect the fact that they are redeeming it early). They say rents and occupancy rates in the existing portfolio are rising.
There’s a Q4 dividend of 1.2 cents bringing the dividend for the year to 2.85 cents.
SMTG : Summit Germany raises €120m