AIM-listed German investor Summit Germany has reduced the vacancy level at its Osram House office in Berlin with a large letting to the Berlin State Hospital.
Summit has leased the hospital 96,876 sq ft which, alongside other recent lettings, has reduced the property’s vacancy level down from 322,920 sq ft to 182,988 sq ft or 50% to 28%. The letting gives Summit an annual income of €1.1m (£870,000) over 6.5 years.
John Lamb, non-executive chairman at Summit Germany said: ‘We have let a substantial area in a property which was unstabalised to a strong tenant on a long lease, and with a rent exceeding the average rent of this property by 35%. We see additional improvement potential in this property and we believe that having a strong major tenant in it will revive the property and enhance its future rental income further.’
Shares in the company, which has a market capitalisation of €114m (£90m) rose marginally by 0.6% to €0.45 following the announcement.