Sirius Real Estate acquires business park in south-west Germany
Sirius Real Estate Ltd
98.52p
09:10 03/06/24
Sirius Real Estate has acquired a business park in the northeast of Mannheim for a total of €9.62m, reflecting an EPRA net initial yield of 6.0%.
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The German business parks operator funded the acquisition using a combination of capital raised from its March placing and proceeds from asset disposals.
With a gross lettable area of 15,000 square metres, made up of office and warehouse space, the park is currently 68.9% leased to 57 tenants and produces an annual net operating income of €576,000.
In addition to the €75.5m in acquisitions completed by Sirius so far in 2018, the company has also entered into an exclusivity agreement to acquire a further €59.7m of assets and told investors on Tuesday it was "close" to completing the deployment of the €100m of acquisition capability it had discussed with shareholders in its year-end results.
Chief executive Andrew Coombs, said: "This acquisition plays to the strengths of our integrated business model and track record of achieving efficiencies at sites we acquire in and around markets where we already have existing business parks."
As of 0950 BST, Sirius shares had inched ahead 0.32% to 62.80p.