Summit Properties completes disposal, announces acquisition
Summit Properties Limited NPV
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16:55 16/03/20
Germany-focussed commercial property company Summit Properties confirmed on Tuesday that the conditions precedent for the completion of the €225m disposal of an office building in Germany had been satisfied, with completion set for later in the day.
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The AIM-traded firm initially announced the disposal on 19 June.
In addition, it said a 77%-owned subsidiary had signed an agreement to acquire an office building of 4,700 square metres in Hannover, for around €6.5m.
“The acquisition improves the company's presence in this location as the acquired property is attached to another property owned by the company,” the board said in its statement.
At 0900 GMT, shares in Summit Properties were up 1.08% at 1.4p.