Completion of New Debt Facility and Repayment o...

30 March 2015

Summit Germany Limited
("Summit Germany" or the "Company")

Completion of €33m new debt facility and repayment of Shareholder Loan

Summit Germany, the German commercial real estate company, is pleased to announce that it has successfully completed its previously announced financing of the portfolio acquired in April 2014 under improved terms.

9 out of the 11 properties acquired in April 2014 have been financed by a German bank with a 7 year facility amounting to €33m, of which €2.5m are subject to the future extension of certain leases.

The improved fixed interest rate of 1.96%, which is 7% lower than the previously announced rate of 2.1%, further insures the low interest rate for the Company's debt over the long term.

As previously resolved, the Company has exercised the option for an early repayment of the circa €50m loan from Summit Israel, its parent company ("Shareholder Loan"), which bears an annual coupon of 9.5%. Following an early repayment of €26m from the placing proceeds in February, the Company will use the proceeds of the funding and others to repay the Shareholder Loan completely as of today. The repayment of the Shareholder Loan will result in circa. €4.75m interest saving and a positive impact on the Company's net cash flow.

Following the repayment of the Shareholder Loan the Company has ca. €90m free for acquisitions. The Company is in various stages of negotiations of deals from its pipeline of acquisitions and would be able to provide further updates in the coming weeks.

-ends-

For further information please contact:

Summit Germany Limited
Zohar Levy, Managing Director
Itay Braun, Finance Director
Tel: [phone]

Cenkos Securities plc
Ivonne Cantú
Tel: [phone]

Broker Profile
Simon Courtenay
Tel: [phone]

Liberum Capital Limited
Jill Li
Tel: [phone] 

Carey Group
Sara Bourne
Tel: [phone]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Summit Germany Limited via Globenewswire

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