Commercial real estate investor Summit Germany has purchased 40 new properties for a total investment volume of EUR 151 mln, reflecting an average net yield after acquisition costs of 7% a year. The new portfolio comprises eight office properties, eight distribution units and 24 retail properties and has a total rentable area of 167,752 m[sup]2[/sup]. Its current tenants, leasing on average for over nine years, include the German government, media giant Bertelsmann and Edeka, the country's largest food retailer. Some 71% of the properties are in the west of the country and the remainder are in the east. They yield a total annual rent of EUR 10.6 mln.
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