Summit Real Estate Soars Most in Two Years on German Unit Talks
Summit Real Estate Holdings Ltd. (SMT), a manager and developer of property projects, surged the most in more than two years on talks to sell its stake in Summit Germany or bring in a strategic investor.
The shares jumped as much as 14 percent, the most since April 2009, and were 10 percent higher at 5.83 shekels as of 11:55 a.m. in Tel Aviv, giving the Migdal Haemek, Israel-based company a market value of 391 million shekels ($115 million).
A transaction would be based on the unit’s private capital with adjustments corresponding to values demanded in similar deals, Summit Real Estate said late yesterday in a statement to the Tel Aviv Stock Exchange. The unit’s private capital was 164 million euros ($237 million) as of March 31, the company said.
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