Sales revenue of Summus Capital up 11 pct in Q2
TALLINN, Aug 26, BNS– The consolidated sales revenue of Estonian commercial real estate investment company Summus Capital increased by 10.9 percent or 688,000 euros in the second quarter of 2021.
The net profit for the second quarter of 2021 increased to 3.1 million euros, while in the first quarter the profit was 260,000 euros. The acquisition of the second building of the Veerenni Health Center, which was completed in January this year, contributed to the increase in cash flow. The company’s portfolio has remained resilient to the COVID-19 crisis, the company said.
In June, Summus Capital issued unsecured bonds in the amount of 10 million euros with a maturity of three years and a fixed coupon rate of 6.75 percent. As a result, the cash balance increased. This was Summus Capital’s first bond issue and the company intends to list the bonds on the First North alternative market of Nasdaq Baltic.
“Investors’ interest in the Baltic real estate sector was illustrated well by the fact that our first bond issue was properly oversubscribed. Investors included institutional investors, bond funds, several banks and investment firms, as well as private investors. We plan to use the proceeds from the bond issue to finance new real estate investments in the Baltics,” Boris Skvortsov, chairman of the supervisory board of Summus Capital, said.
Management board member Hannes Pihl said that Riga Plaza, part of Summus Capital’s portfolio, signed a 10-year lease agreement with Sky Park to open a new 3,050 square meter entertainment center, which will increase the center’s rental space from 2022. Riga Plaza also signed a contract with MyFitness for the next 10 years to open a new 1,500 square meter gym, which is planned for the second half of 2021.
In the second quarter, a five-member supervisory board, headed by supervisory board chair Boris Skvortsov, was established to develop Summus Capital.
Summus Capital OU is a real estate investment holding group established in 2013 with investments in the Baltics. The commercial real estate portfolio includes real estate in the retail, office, logistics and medical segments.
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