LONDON (Alliance News) - Summit Germany Ltd said Friday that its property portfolio valuation rose by 9.8%.
The company said that, based on a new external valuation, its property portfolio as at June 30 stood at EUR1.03 billion. As of December 31, the portfolio valuation was EUR939 million.
The company said that the increase is attributed to the "resilience of the German commercial real estate market" and to "specific improvements" in its portfolio.
"The company believes, that following additional increases in rent levels in lease renewals and other developments in the portfolio there is a potential for further upside to the latest valuation," Summit said.
Shares in the German-focused property investment company were untraded at EUR1.14 each on Friday.