Summit continues to purchase in New York

by time news

In New York, 10 buildings are being purchased, as well as commercial centers with an area for rent of approximately 275 thousand square meters, the average occupancy rate in the commercial properties is approximately 85%, and the value of the transactions is $ 195 million.

Summit reports that its foreign subsidiary has entered into transactions for the purchase of approximately 400 housing units for rent in New York, for a total of approximately $ 65 million. In addition, the subsidiary has entered into agreements to purchase 6 shopping centers for approximately $ 130 million and manages sales contacts Sub-plots in these assets amount to approximately $ 60 million.

In the residential transactions in New York, 10 buildings are purchased in a total area for rent of about 407 thousand square feet, with the average purchase price per square foot being $ 160. Net income less operating and maintenance expenses is approximately $ 3.4 million, reflecting an average return of approximately 5.2%. Following the completion of the said acquisitions and all of the previously reported transactions, the Company will hold approximately 2,900 housing units in New York and is conducting negotiations for the purchase of additional residential buildings in the city.

The purchased commercial centers include an area for rent of approximately 275 thousand square meters built on land with an area of ​​approximately one million square meters. The average occupancy rate of the assets is approximately 85% and the annual income from them, based on existing contracts, net of operating expenses, is approximately $ 19.5 million. The acquisition of 2 shopping centers has been completed and the completion of the acquisition of 4 shopping centers is expected next month. The subsidiary is conducting initial contacts for the sale of sub-plots in these assets in the amount of $ 60 million and with expected returns of 5-6%. The net purchase price, after the sale of the sub-plots, is expected to amount to approximately $ 70 million, while the annual income, net less operating expenses, is expected to amount to approximately $ 16 million.

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