The dollar weakens Summit’s appetite grows acquires 2 centers in the US

by time news

Summit Real Estate Holdings, managed by Amir Sagi, continues to expand its operations in the United States while taking advantage of market opportunities, and at the same time begins a process of significant value flooding in the commercial properties it has acquired over the past year.

The company updates today that its foreign subsidiary has entered into agreements to purchase two shopping centers in the United States, for a total of about $ 80 million. Thousands of square meters. The average occupancy rate of the properties is about 75%, and the annual income from the properties, based on existing contracts, net of operating expenses, is about $ 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 the commercial assets in its possession, while flooding value for this activity. Summit updates that of the commercial properties whose acquisition has been completed so far, the subsidiary has sold and is negotiating the sale of sub-plots with a cumulative amount of approximately $ 41 million, of which $ 15 million have already been signed for the said sale.

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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 significant 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 housing units. Summit is working to expand this activity and is negotiating the purchase of additional residential buildings in the city.

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