Summit Germany has announced that it has sold a property located in Hamburg for a cash consideration of €14 million. It says that the property is a vacant office building, following lease expiry in September 2016, and that the proceeds from this disposal are in line with the last independent property valuation and will be used to repay the borrowings associated with the asset.
About Summit Germany
The company is focused on building a substantial portfolio of commercial properties. Its investments are primarily made in multi-let commercial office, retail and logistics properties situated mainly in Germany’s main financial centres and generating income by way of lettings to commercial, governmental/public sector and industrial tenants. Its objective is to deliver an attractive dividend yield with sustained growth in both income and capital value.
The company is domiciled in Guernsay. It was admitted to trading on the London Stock Exchange in February 2014 and trades on the LSE’s AIM segment.
Summit Germany sells vacant Hamburg office building for €14m : SMTG