Business
Acquisition of business park in Bochum
Acquisition of business park in Bochum.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 7530S Sirius Real Estate Limited 14 March 2019 \n\n14 March 2019 \nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \nSirius completes acquisition of business park in Bochum\nSirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, has completed the acquisition of a business park in Bochum in the Ruhr region of Germany, for a total consideration of €25.7 million, equating to an EPRA net initial yield of 8.9%. The vendor is a fund managed by DOBA-Grund Beteiligungs, Munich, part of Doblinger Group, a German based development company. The acquisition, notarised in November 2018, has been funded using a combination of capital raised from the placing in March 2018 and a part of a €56 million, five year debt facility with a total all-in fixed interest rate of 1.4%, from pbb Deutsche Pfandbriefbank. \nThe business park consists of approximately 56,000 sqm of mixed use lettable space of which 65% is warehouse, 29% is office and 6% is other space. The site will initially generate €2.6m of gross rental income with 95% occupancy, let to 31 tenants including Pilkington, a subsidiary of the Japan-based NSG Group; and GfR, a telecommunication and call centre operator that is part of Thomas Cook Group.\nThe site was acquired with a high yield because Pilkington will be vacating the 26,600 sqm that it occupies at the end of its lease on 31 May 2019. However, Sirius has already signed a new lease commencing on 1 June 2019 on 12,600 sqm of the space being vacated, at ...