AIM-listed German commercial property investor Summit Germany said its recently acquired Deutsche Real Estate subsidiary has sold its share in a property in Cologne, Germany, for a profit of about EUR 2mln. The property was held through a joint venture in which Deutsche Re's share is 40%. The property has a net rentable area of 14,800 m[sup]2[/sup] and bank borrowings in the joint venture amount to EUR 15mln. Summit Germany non-executive chairman John Lamb noted in a statement that minority interests in properties are not seen as strategically relevant since they do not form part of the firm's gross asset value.
AIM-listed German commercial property investor Summit Germany said its recently acquired Deutsche Real Estate subsidiary has sold its share in a property in Cologne, Germany, for a profit of about EUR 2mln. The property was held through a joint venture in which Deutsche Re's share is 40%. The property has a net rentable area of 14,800 m2 and bank borrowings in the joint venture amount to EUR 15mln. Summit Germany non-executive chairman John Lamb noted in a statement that minority interests in properties are not seen as strategically relevant since they do not form part of the firm's gross asset value.