Summit to sell German portfolio

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.

By SHARON WROBEL
November 16, 2005 07:07
1 minute read.

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS