Summit relies on act legal Germany for the acquisition of eight multi-service-centers in Germany from Fortress Immobilien AG for EUR 85 million.
Most of the acquired properties are located in A-cities, close to the city center and on busy streets. They are fully let to a great mix of renowned and profitable tenants. The aggregate annual net rent is currently approx. € 5.8 million per year and will increase to approx. € 6.1 million in the medium term. The average minimum term of all leases is ca. 10 years.
The acquired portfolio, with net lettable area of 58,000 m², was developed by Fortress in cooperation with the general planer AIP Planungs GmbH between 2005 and 2007. The asset management of the portfolio remains with Fortress Immobilien AG.
The advisory team of act legal Germany, AC Tischendorf, consists of Dr. Tara Kamiyar-Müller, Dr. Matthias Müller, MBA, Fabian Brocke, LL.M. and Jessica Zenz-Spitzweg (Consultant). act legal Germany advises Summit regularly in all aspects of real estate law, including ongoing real estate administration and transactions. In successfully proven cooperation, Dr. Peter Eggers and his team (Baker Tilly, Berlin) advised Summit on the area of tax. Fortress was advised by King & Spalding (Frankfurt).
About Fortress Immobilien AG: Founded in 1995 and based in Düsseldorf, Fortress Immobilien AG is the leading German developer of multi-service-centers. The concept behind these centers is based on the usage related to automotive and services: gas stations, car wash, car service combined with fast food restaurants, grocery retail, hotels, fitness centers and other service providers.
About Summit Germany Limited: Summit Germany Limited, registered in the Bailiwick of Guernsey, Channel Islands. Its shares are listed on the AIM, a market operated by The London Stock Exchange. The company is active in Germany, concentrating here on building up a considerable portfolio of commercial real estate (with lettable area od over sqm 1 million) and has established itself since 2004 on the German commercial real estate market. The company's investments are predominantly made in rented office, retail and logistics properties, which are located mainly in the main financial centers in Germany.
Find the press release (in German only) here.