Business
Sirius acquires two business parks for EUR33.4m
Sirius acquires two business parks for EUR33.4m.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 7495Y Sirius Real Estate Limited 06 January 2020 \n\n6 January 2020 \nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \nSirius acquires two business parks for total of €33.4 million\nSirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, announces that it has completed the acquisitions of Neuss II, a business park near Düsseldorf, and Neuruppin Business Park, in the Brandenburg region, for a combined total of €33.4 million (including acquisition costs), reflecting an aggregate EPRA net initial yield of 6.8%.\nNeuss II\nOriginally constructed in 1987 and since expanded, Neuss ll provides a total of 34,000 sqm of net lettable space (21,900 sqm of warehouse/production, 11,700 sqm of office and 400 sqm of other space), together with 371 parking spaces, on a total plot size of 58,800 sqm. The property is located on Fuggerstrasse in Neuss, 9.5 km south of Düsseldorf city centre. Sirius already owns an 18,000 sqm office building in Neuss and two other business parks in Düsseldorf.\nThe asset is 81.5% let to sixteen tenants, producing an annual rental income of €1.3 million, reflecting an average rate of €3.84 per sqm, and has a remaining WALT of 4.4 years. Tenants include Max Mothes GmbH, global specialists in the production and logistics of high-performance connecting technology, Steep GmbH, DINAX GmbH and FEAG GmbH, service providers in power generation and distribution.\nThe property has been acquired from a regional family real estate office for €19.1 milli...