Business
ACQUISITION OF NECKARTENZLINGEN BUSINESS PARK
ACQUISITION OF NECKARTENZLINGEN BUSINESS PARK.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 1157U\n Sirius Real Estate Limited\n 01 December 2021\n \n \n \n SIRIUS REAL ESTATE LIMITED\n (Incorporated in Guernsey)\n Company Number: 46442\n JSE Share Code: SRE\n \n LSE (GBP) Share Code: SRE\n \n \n LEI: 213800NURUF5W8QSK566\n \n ISIN Code: ISIN GG00B1W3VF54\n \n \n \n1 December 2021 \n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS ACQUIRES NECKARTENZLINGEN BUSINESS PARK FOR €34.5 MILLION\n \n \n Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, announces that it has completed the acquisition of a high-quality business park in Neckartenzlingen, south of Stuttgart, for a total cost of €34.5 million. The transaction, which was notarised in September 2021, will be financed using existing cash resources, and reflects an EPRA net initial yield of 5.6%. \n \n \n As a result of this transaction Sirius has completed the acquisition of 254,100 sqm of business parks, industrial space, out of town office space and a land parcel across 9 assets in Germany this financial year, representing a total investment volume of €153.9 million. In addition, Sirius entered the UK market in November with the acquisition of BizSpace, a leading provider of regional light industrial, workshop, studio and out of town office units to a wide range of businesses for an enterprise value of £380 million.\n \n The Neckartenzlingen business park asset comprises three mixed-use buildings, which Sirius is acquiring from two separate vendors, Hirschmann Electronics GmbH and Logwin Holding Immo Aschaffenburg GmbH. Built between 1955 and 1991 and previously held as one combined asset, the property has 54,515 sqm of gross lettable area and primarily comprises production space (36%), warehouse space (30%) and out of town offices (27%) as well as other uses (7%). There are 893 car parking spaces on site.\n The business park is currently 80% let to two tenants in the electronics and communications sectors, at an average rent of €3.84 per sqm. The asset produces a total annualised rental income of circa €2.2 million and has a WALE (weighted average lease expiry) of 8.1 years, providing stable, long term cashflows with the opportunity to grow income thro...