Financing Agreement

RNS Number : 4723C

Summit Germany Limited

19 January 2015

 



SUMMIT GERMANY - €33m new debt facility

Summit Germany, the German commercial real estate company, is pleased to announce that following previous announcements, the Company has signed a binding term sheet with a German Bank for the financing of 9 of the 11 properties acquired in April 2014.

The properties with lettable area of 58,000 sqm have multiple tenants, an occupancy rate of 91% and an annual rent income of €5.6m.

The 7 year facility will amount to €33m, of which €2.5m will be provided subject to the extension of certain leases.  

The interest rate is 2.1% p.a. and the amortization rate is 3% p.a.. The loan will bear customary covenants.

The completion of the refinancing is expected in February 2015.

-ends-

Date: 19 January 2015

For further information contact:

Summit Germany Limited	Tel: [phone]
Zohar Levy, Managing Director
Harry Hyman, Non-Executive Chairman	Tel: [phone]
Itay Braun, Finance Director
Cenkos Securities, Nominated	Tel: [phone]
Adviser and Joint Broker
Ivonne Cantu/Michael Johnson (Nomad)
Russell Kerr/Selwyn Jones (Broking)
Liberum Capital Limited, Joint Broker	Tel: [phone]
Chris Bowman / Jill Li
Broker Profile	Tel: [phone]
Simon Courtenay / Harry Rippon

 

END

 

 

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