LONDON (Alliance News) - German commercial property investor Summit Germany Ltd on Thursday said it has completed the EUR86 million acquisition of eight commercial properties.
As announced on Monday, the fully-let properties were purchased from subsidiaries of Fortress Immobilien AG, and their purchase was funded from existing cash.
Aggregate annual net rent from all eight properties it EUR5.8 million, reflecting a rental yield of 6.8%. Rental income is expected to grow to EUR6.1 million, as stipulated in lease agreements. Average lease length is ten years.
Shares in Summit Germany were untraded on Thursday, last closing at EUR1.17 per share.