Summit Germany sells Hamburg office for €14m
AIM-listed property company Summit Germany said it had sold an office building in Hamburg for €14m.
FTSE AIM 100
3,589.92
16:39 24/09/24
FTSE AIM All-Share
742.80
17:14 24/09/24
Real Estate Investment & Services
2,590.30
17:10 24/09/24
Summit Properties Limited NPV
€0.60
16:55 16/03/20
The sale follows the expiry of the building’s lease in September.
The proceeds from the sale are in line with last property valuation and and will be used to repay borrowings associated with building.
The company is currently engaged in a joint venture to develop a Berlin building into 60 flats. The project, with an investment of about €18m, is anticipated to generate revenue of €23m.
In May, the company refinanced a €24m bank loan with a €40m loan from a German lender secured for a property in Stuttgart. It has a fixed interest rate of 2.25% over 10 years and an annual amortisation rate of 4.15%.
Shares in Summit Germany were up 0.5% to 1.01p at 1211 GMT.