Summit will acquire 2 shopping centers in the US for $ 80 million

by time news

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Real Estate Holdings has entered into agreements to acquire two shopping centers in the United States, for $ 80 million. The properties purchased include an area for rent of approximately 134 thousand square meters, built on real estate in an area of ​​approximately 560 thousand square meters. The average occupancy rate of the assets is approximately 75%, and the annual income from the assets, based on existing contracts, net of operating expenses, is approximately $ 14 million.

The acquisition of one of the commercial centers, located in Pennsylvania, for a total consideration of approximately $ 55 million, has been completed. The completion of the acquisition of the second commercial center, located in Michigan, for a total consideration of approximately $ 25 million, is expected in the coming weeks. Following the completion of the contract, and other contracts recently reported by the Company, Summit will hold 14 commercial properties in the United States, with an area for rent of approximately 600,000 square meters and a land area of ​​approximately 2.8 million square meters, all of which it acquired this year.

At the same time, Summit reports that it has begun realizing parts of its commercial assets, out of the commercial assets whose acquisition has been completed so far, the subsidiary has sold and is negotiating the sale of sub-plots totaling approximately $ 41 million, of which agreements have already been signed. About $ 15 million.

The rental income from the plots sold amounts to about $ 800,000 per year, and the income from all the plots for sale amounts to about $ 2.2 million.

In parallel with its activities in the field of shopping centers, Summit has been operating in New York for the past year and has accumulated a portfolio of apartments for rent throughout the city. Following the completion of the acquisitions recently reported by the company, the portfolio will include over 2,500 apartments. The company said that it is working to expand this activity and is negotiating the purchase of additional residential buildings in the city.

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