real estate

Sirius Real Estate acquires four business parks in Germany

August 21, 2021

SIRIUS Real Estate, the owner of branded business and industrial parks in Germany, is acquiring four business park assets and one land parcel for about €84.8 million (about R1.48 billion).

The group, which has a secondary listing on the JSE, said the acquisitions were located in Oberhausen, Frankfurt, Heiligenhaus and Öhringen, and provided lettable space of more than 150 000m².

A land parcel has been acquired adjacent to an existing asset in Neuruppin. The properties were acquired using the proceeds from Sirius’s first €400m corporate bond issue that was completed in June.

The group said in a statement that together the acquisitions generated day-one net operating income of €3.4m a year.

Sirius chief executive Andrew Coombs said: “With our strong cash position, Sirius continues to deliver on an attractive pipeline of opportunities generated by our in-house acquisitions team. The new assets provide a mix of warehouse, production and office space that we know works well for our platform and our customers.”

He said the assets were in well-established locations that benefited from strong demand from small and medium enterprises and synergies with other Sirius business park sites.

Apart from the opportunity to drive the take-up of lettable space and reduce service charge leakage, there were significant refurbishment and development opportunities in the assets, he said.

iol

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