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Summit Germany repays €220M debt

Summit Germany Ltd. repaid debt facilities of about €220 million using proceeds from its recent bond issuance.

The repaid debt includes a €19.5 million loan from Summit Real Estate Holdings Ltd

The U.K.-based German property specialist noted an average annual interest rate of 3.62% on the repaid facilities, compared to 2.00% for the senior fixed-rate notes issued, resulting in estimated interest cost savings of roughly €3.4 million per year.