Business
SIRIUS ACQUIRES THREE BUSINESS PARKS FOR EUR26.0M
SIRIUS ACQUIRES THREE BUSINESS PARKS FOR EUR26.0M.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3778K\n Sirius Real Estate Limited\n 04 January 2021\n \n \n \n \n SIRIUS REAL ESTATE LIMITED\n \n \n (Incorporated in Guernsey)\n \n \n Company Number: 46442\n \n \n JSE Share Code: SRE\n \n \n LSE (GBP) Share Code: SRE\n \n \n LSE (EUR) Share Code: ESRE\n \n \n LEI: 213800NURUF5W8QSK566\n \n \n ISIN Code: GG00B1W3VF54\n \n \n \n \n \n 4 January 2021 \n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS COMPLETES THE ACQUISITION OF THREE BUSINESS PARKS FOR €26.0M \n \n \n Latest acquisition adds scale to existing business park at Mannheim\n \n \n Sirius Real Estate, the leading owner and operator of branded business parks providing conventional space and flexible workspace in Germany, announces that it has completed three transactions totalling €26.0 million (including acquisition costs). These comprise two previously announced acquisitions (Norderstedt, Hamburg for €9.1 million and Nuremberg for €13.7 million), and a new acquisition for €3.2 million immediately adjacent to the Company's existing Mannheim II business park.\n \n \n The acquisitions result in the Company starting the calendar year with three new cash-generative assets which have been acquired at an attractive blended EPRA net initial yield of 7.2% and generate in total €1.9 million of annualised net operating income. The assets provide a mix of approximately two-thirds production and storage space and one-third out-of-town office. The Company acquired them all on an unencumbered basis using existing cash resources. Sirius has significant finance available to acquire additional assets alongside seeking assets for its Titanium joint venture. \n \n \n The new asset located in the Käfertal commercial area of Mannheim previously formed part of the Company's existing Mannheim II asset that it acquired in October 2018, with which it is now reunited. The acquisition totalling €3.2 million (including acquisition costs), reflects an EPRA net initial yield of 6.6% and creates a wider range of asset management options for the combined assets as well as the ability to benefit from operational synergies. The site comprises around 3,000 sqm of out-of-town office and storage space and is currently 93% occupied by a total of seven tenants with an average rent of €6.93 per sqm, a...