Summit Properties Limited announced that a subsidiary entered into agreements for the acquisition of 650 rental apartments in New York City, in return for an aggregate consideration of ca. USD 119 million. The transactions include the acquisition of 18 buildings with a total lettable area of 566,000 sq. feet, with average purchase price of USD 210 per square foot. The income, net of operational expenses, totals ca. USD 6.07 million p.a. Following the completion of the acquisitions the Group will own ca. 2,010 rental apartments in New York and is negotiating additional acquisitions.