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Listed property investor Summit Germany has agreed to buy an office complex in Stuttgart for around €55 mln.

The 135,000 m2 site has a lettable area of 63,000 m2 and rights to develop a further 55,000 m2. The complex is 95% let with an aggregate net rent of around €4.5 mln, reflecting an average net yield of 7.5% per annum.

Summit Germany said an agreement had been signed to buy 90% of the properties and it expected to agree terms to acquire the remaining share in due course. The purchase price of €55 mln includes acquisition costs.

Summit has been on the look-out for new properties since it listed on London’s AIM market and raised €35 mln in an Initial Public Offering last February. The company focuses on acquiring high-yielding distressed assets in Germany.

In a statement, chairman Harry Hyman and managing director Zohar Levy said: ‘This acquisition fits our strategy as it combines low capital value due to its attractive location, together with a strong long term cash flow and upside potential from future development.

‘We are working on additional acquisitions and we believe that their completion will enhance the company’s cash flow in the second half of 2015.’