Summit Properties Limited Trading Update (4612R)
February 28 2019 - 7:45AM
UK Regulatory
TIDMSMTP
RNS Number : 4612R
Summit Properties Limited
28 February 2019
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014.
Summit Properties Limited
("Summit Properties" or the "Company")
Trading Update
28 February 2019
Further to the announcement of 28 January 2019, Summit
Properties Limited, the German commercial real estate company, is
pleased to provide a trading update as follows:
-- The net market value of the Company's property portfolio,
based on an external valuation, amounts to ca. EUR1.5 billion as at
31 December 2018
-- The property portfolio comprises 103 assets, predominately
offices in the top 7 cities in Germany, with a lettable area of ca.
1.1 million sqm.
-- EPRA Vacancy of the core portfolio of 7.3% as at 31 December 2018
-- Loan to Value (LTV) of 39.9% as at 31 December 2018
-- 12 month run-rate gross rental income as of December 2018 of ca. EUR81 million
-- Estimated Rental Value (ERV) of ca.EUR104 million per a third
party appraisal, reflecting upside potential of 28% on current
rent
-- 143,000 sqm. of development pipeline, out of 503,000 sqm. of additional building rights
-- New acquisition pipeline includes ca. EUR314 million under
review, of which ca. EUR74 million is under negotiation
-- The Company forecasts Funds From Operations for the year
ending 31 December 2019 to be EUR51-56 million
Further information regarding the portfolio is set out in a
presentation made available on Summit Properties' website at
www.summit-properties.com/summit_luxco.html.
For further information please contact:
Summit Properties Limited Tel: +44 (0) 1481 700 300
Zohar Levy - Managing Director
Itay Barlev (Braun) - Finance Director
Non-Executive Chairman Tel: +44 (0) 20 7451 7050
Harry Hyman
Carey, Company Secretary Tel: +44 (0) 1481 700 300
Chris Le Page / Nikolett Mezei
Liberum Capital Limited, Nominated Adviser Tel: +44 (0) 20 3100 2222
and Joint Broker
Chris Clarke / Gillian Martin / Owen Matthews
Cenkos Securities, Joint Broker Tel: +44 (0) 20 7397 8900
Mark Connelly
Russell Kerr / Selwyn Jones (Broking)
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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