Summit to sell German portfolio

By SHARON WROBEL
November 16, 2005 07:07

Summit Real Estate Holdings is in exclusive talks to sell its German property portfolio to a foreign investment company for a total of NIS 1.15b.

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Summit Real Estate Holdings is in exclusive talks to sell its German property portfolio to a foreign investment company for a total of NIS 1.15 billion. In a statement to the Tel Aviv Stock Exchange, the company said its subsidiary has granted the investment company, whose identity remained undisclosed, exclusive rights to examine the deal. Summit declined to comment on further details but emphasized that the deal was not yet approved. This comes after Zohar Levi, CEO of the company, said in July that new investments in Germany had brought the company very close to the goal of accumulating a property portfolio of NIS 1.5b. - a goal that was set for the next two years. In July, Summit Real Estate had finalized the purchase of additional properties in Germany for a total of about NIS 1 billion. As part of the acquisition spree, Summit completed the purchase of a €180 million portfolio of 25 buildings in 12 locations throughout Germany, all of which are leased to Deutsche Telekom for long terms. Summit, which is listed on the Tel Aviv Stock Exchange, is one of the leading Israeli investors in the German real estate market. The company is owned by Levy in partnership with Clal Insurance.


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