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Frankfurt by night
Most of the assets are in Germany’s major cities, particularly Berlin, Frankfurt and Hamburg.
The previously privately-held and Guernsey-incorporated commercial property investors Summit Germany Ltd. moved last month to a listing on the London’s secondary AIM market.
The closed-ended holding company raised gross proceeds of €35m by issuing nearly 55m new shares at a price of €0.63 per share, giving the company a market cap of about €185m.
The eight-year-old Summit Germany, headed by founder and managing director Zohar Levy, invests in mainly multi-let office with some retail and logistic properties throughout Germany, and currently owns a portfolio of 86 properties valued at about €500m and yielding 8%. Most of the assets are in Germany’s major cities, particularly Berlin, Frankfurt and Hamburg.
The company’s 50 staff in Germany manage more than 500 tenants, with 80% of income coming from government and other public sector entities, and large corporates on long-term leases, who generate annual rent of about €39m.
On listing on the AIM, CEO Levy said the plan was to increase the portfolio to more than €1bn, and that the group has already identified a pipeline of €250m of potential acquisitions.
