UK-listed German commercial real estate investor Summit Germany has raised €120m (£92.2m) through a share placing to expand its portfolio.
The acquisition of the 171m new shares was taken up by new and existing shareholders, including Fidelity and Invesco, which now holds around 23% of the share capital. Summit, which has a market cap of almost €339m, wants to build an internally managed portfolio valued in excess of €1bn and said it was “exploring a range of attractive acquisition opportunities”.
Funds will mainly be targeted at office properties. The equity fundraising was arranged by Cenkos Securities and Liberum Capital.
samantha.mcclary@estatesgazette.com
