Sirius Real Estate acquires two German business parks for £38m

Sirius Real Estate has completed the acquisition of two multi-let business parks from Union Investment for €48.9m (£38.3m).

Both properties are located on the outskirts of Berlin, have a total lettable area of 67,774 square metres and, based on the current occupancy of 86%, they generate €4.1m of annualised rental income and €3.8m of net operating income.

"We are pleased to have completed the acquisition of the two properties which are in key locations on the outskirts of Berlin, a region in which we have a strong track record of creating value-added tenancy space, and where we plan to continue to increase our presence,” said group chief executive Andrew Coombs.

The firm added the acquisitions were funded by a drawdown of €26.1m from its new €36m, five-year debt facility from one of the company's existing bankers.

Sirius shares were down 1.89% to 0.390p at 09:09 on Monday.