Business
Sale of Bremen business park
Sale of Bremen business park.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 7753M Sirius Real Estate Limited 02 May 2018 \n\n 2 May 2018\nSirius Real Estate Limited\n(\"Sirius Real Estate\" or the \"Company\")\n€15.5 million Sale of Bremen Brinkman Business Park\n \nSirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, is pleased to announce the completion of the sale of its Bremen Brinkman business park for €15.5 million.\nBremen Brinkman is a non-core site as it is located on the north coast of Germany outside of Sirius's target regions. The buildings are also uniquely configured for tobacco manufacturing which due to the costs and complexity involved has limited the potential for investment to reconfigure the space. The asset is being sold in line with book value. At time of sale the asset generated net operating income of €0.9m.\nAs at 31 March 2018 the site contained 48,700 sqm of vacant space which, following completion, results in a positive impact on the Group's overall occupancy level.\nThe site is debt-free, so the sale proceeds will be wholly reinvested into new sites in core locations where there is greater value creation potential. \nAndrew Coombs Chief Executive Officer of Sirius Real Estate, said: \"Bremen Brinkman was one of two non-core sites in our portfolio. Its unique structure made it overly expensive for us to reconfigure and it was outside of our target regions. Consequently, disposing of this asset at book value means we have unlocked €15.5 million of capital that can now be re-invested into our asset recycling programme where we know we can create significant additional value in key markets.\" \n \nFor further information:\n\n\n\n\nSirius Real Estate\nAndrew Coombs, CEO\nAlistair Marks, CFO \n\n\n+49 (0)30 285010110 \n \n\n\n\n\nNovella\nTim Robertson\nToby Andrews\n\n\n+44 (0)20 3151 7008\n\n\n\n\n \nAbout Sirius Real Estate\nSirius is a property company listed on the main market and premium segment of the London Stock Exchange and the main board of the Johannesburg Stock Exchange. It is a leading operator of branded business parks providing conventional space and flexible workspace in Germany. The Company's core strategy is the acquisition of business parks at attractive y...