Summit Properties Limited Trading Update (4612R)

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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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