Business
11,000 sqm of lettings and update on pipeline
11,000 sqm of lettings and update on pipeline.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 6118A Sirius Real Estate Limited 13 September 2018 \n\n13 September 2018\n \nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \nSirius announces 11,000 sqm of lettings and updates on acquisition pipeline\nSirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, announces the completion of three large new lettings, a significant renewal and provides an update on the acquisition pipeline.\nLettings\nA leading German sports car manufacturer based in Stuttgart, and new tenant for Sirius, has signed a five-year lease for the entire 6,800 sqm office building at Sirius Business Park Stuttgart-Weilimdorf, completing the asset management plan for the site. The building was acquired in 2015 on the understanding that one of the tenants with three years remaining on its lease intended to vacate, which created an opportunity to find a new occupier and maintain the building's full occupancy at a higher rent. While this new tenant increases Sirius' exposure to the automotive sector, the portfolio's total direct exposure to the sector remains less than 5%.\nA division of the Berlin government has signed a 10-year lease at Sirius Business Park Berlin Tempelhof on 2,200 sqm of office space at a rent of €14.35 per sqm. This transaction highlights the quality of Sirius's refurbished office space in Tempelhof, as well as the strength of demand for offices in and around the city of Berlin. It also completes the letting of the 7,600 sqm building, which Sirius acquired in a derelict state and has subsequently transformed into high quality office space.\nCARE Deutschland-Luxemburg, part of the leading global humanitarian charity, has taken a ten-year lease on 1,950 sqm of offices at Sirius Business Park Bonn-Siemensstrasse.\nThe Company is at an advanced stage of negotiations with Daimler AG, the owner of Mercedes- Benz, for a five-year extension to its lease on circa. 40,000 sqm of office, production and storage space at Sirius Technologiepark Kirchheim. Daimler has been a tenant here for many years, but always on short leases, so this new lease is a strong indication that our Kirchheim site will be strategically important for their operations for many years to come.\nAcquisition pipeline\nOverall the Company ...