Refinancing Completed

RNS Number : 3815A

Summit Germany Limited

22 December 2014

 



SUMMIT GERMANY COMPLETES REFINANCING

Summit Germany, the German commercial real estate company, has completed the refinancing of its main debt facility on further improved terms.

The Company has refinanced €268m of its €309m bank debt facilities. The refinancing includes a new debt facility of €240m, provided by two German lenders with a loan duration of seven years. The refinancing extends the duration of the company's major debt from 3 years at present, saving significant interest costs and fixes the relatively low interest rate for the long term.

The facility will be provided at a final interest rate of 3.14%, which is 0.26% lower than the previously announced rate of 3.4%. This compares to a rate of 3.9% on the loan being refinanced.

The completion of the refinancing will result in a NAV uplift of €13.5m, which is €1.5m higher than previously reported and represents 4.6c per share.

Date: 22 December 2014

For further information please contact:

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

 

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