The closed-ended holding company incorporated in Guernsey raised
gross proceeds of €35m through the issue of 54,971,291 shares
at an issue price of €0.63 per share. The market
capitalisation of the company on admission was approximately
€185 million (£154 million).
Summit Germany Limited is focused on building a substantial
portfolio of commercial properties in Germany. It invests primarily
in office, industrial and other commercial properties throughout
Germany, which provide income by way of lettings to commercial,
governmental/public sector and industrial tenants. The
company's objective is to deliver attractive and secured
dividends with sustained growth in both income and capital
"It is great news for Carey Group to have another client
which is a high profile, listed company," said Joe Truelove,
Director at Carey Group in Guernsey.
Carey Group also acts as company secretary to LSE main market
listed PPHE Hotel Group Limited and has significant expertise in
the listed investment company sector through its involvement as
listing sponsor to over 100 Channel Islands Securities Exchange
Sharon Marckado-Erez, Finance Director of Summit Germany
Limited, said: "The team at Carey Group proved to be highly
dedicated and professional, which helped to ease an otherwise
Summit Germany Limited already owns a portfolio of 86
properties, mainly offices with some retail and logistics
properties, leased to approximately 500 tenants, such as government
and public sector entities and large corporates. The Group's
properties are valued by DIWG at approximately €500 million
and yielding 8% as at 31 December 2013. The properties are in
geographically diverse locations across Germany but approximately
50% of the rental income derives from properties located in the
main German financial centres of Berlin, Frankfurt and Hamburg. The
Group employs an experienced professional team of approximately 50
people in its offices in Berlin and Frankfurt.
The Group plans to increase its portfolio to take advantage of
the opportunities in the German market and is in various stages of
negotiations to make additional acquisitions at an expected total
cost of up to approximately €250 million.
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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