Summit Germany has refinanced 9 of the 11 properties in its portfolio that were acquired in April 2014 with a €33m loan from a German bank. With this deal done, they are able to repay the debt lent to them by Summit Israel (the parent company).
The new loan comes at an interest rate of 1.96% whereas the Summit Israel loan had a coupon of 9.5%. The company will save itself €4.75m a year in interest as a result.
They reckon they now have €90m free for acquisitions and expect to announce something on this front in coming weeks.
SMTG : Summit Germany refinances manager loan