AFI Properties Ltd.

Earnings Release • Feb 28, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

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. €1.5 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. €81 million

·      Estimated Rental Value (ERV) of ca.€104 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. €314 million under review, of which ca. €74 million is under negotiation

·      The Company forecasts Funds From Operations for the year ending 31 December 2019 to be €51-56 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 and Joint Broker	Tel: +44 (0) 20 3100 2222
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

TSTUWSURKRAUUAR