The main reason for the growth of sales revenue was increase in forwarded utility expenses, complemented with indexation of rental income and also previous addition of new property and related revenues. 2022 nine months sales revenue reached 29.4m EUR (2021 total sales revenue was 29.3m EUR).

In July, Summus Capital Group finalised acquisition of Riga Plaza shopping centre and became the 89% owner of Riga Plaza, which also received BREEAM Good certificate. As of end of 3rd quarter, 54,7% of Summus Capital portfolio is now certified. The long awaited opening of MyFitness took place in the end of September in Riga Plaza. In Estonia, in Auriga Shopping Center anchor Kesko Senukai lease agreement was prolonged for 5 years.

Total assets of Summus Group decreased by 4.8m EUR and cash decreased by 5.9m EUR, among others due to finalisation of Riga Plaza acquisition transaction. Loans and borrowings decreased to 221m EUR (2q2022 225m EUR), which beside regular bank loan redemption, was also influenced by finalisation of Riga Plaza acquisition. Total liabilities decreased to 241m EUR.

According to Aavo Koppel, CEO of Summus Capital, 3q2022 has been a quarter of regular operational activity. “Previous growth strategy has been temporarily changed into hold strategy,” said Koppel.

About Summus Capital

Summus Capital OÜ (www.summus.ee) is a real estate investment holding established in 2013 that holds 14 properties in all three Baltic countries. The Group has a well-diversified portfolio of cash-flow generating commercial real estate properties in retail, office, logistics and medical segments. Summus Capital has a long-term investment horizon and a strong tenant base with ca 400 tenants. Summus Capital started its operations and is headquartered in Estonia, where it holds Veerenni 1 and Veerenni 2 medical centers, de la Gardie and Auriga shopping centers, Punane 56 multifunctional business complex and two warehouse properties. In Latvia, Summus Capital holds Riga Plaza shopping center, DEPO DIY’s property and Damme shopping center, in Lithuania – BOD Group High Technology Centre, Nordika shopping center and Park Town 1 and 2 office buildings.