Business
SIRIUS ANNOUNCES EUR 84.8 MILLION OF ACQUISITIONS
SIRIUS ANNOUNCES EUR 84.8 MILLION OF ACQUISITIONS.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9530I\n Sirius Real Estate Limited\n 18 August 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 LEI: 213800NURUF5W8QSK566\n \n \n ISIN Code: GG00B1W3VF54\n \n \n \n \n \n 18 August 2021 \n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS ACQUIRES FOUR BUSINESS PARK ASSETS & LAND PARCEL FOR €84.8 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, announces it has notarised or completed the acquisition of four business park assets and one land parcel for a total of approximately €84.8 million (total acquisition costs). \n \n \n The acquisitions are located in Oberhausen, Frankfurt, Heiligenhaus and Öhringen and provide over 150,000 sqm of lettable space. In addition, the Company has acquired a land parcel adjacent to its existing asset in Neuruppin. The properties have been acquired using proceeds of the Company's inaugural €400.0 million corporate bond issuance that successfully completed in June 2021. \n \n \n Together the acquisitions* generate day one net operating income (NOI) of €3.4 million per annum, representing a blended EPRA net initial yield of 4.1% at occupancy of 59%. With 62,000 sqm of vacant space, the assets provide an opportunity to grow income through the letting up of vacant space, accretive refurbishment and selective development. \n \n \n * excluding the land parcel\n \n \n \n Commenting on the acquisitions, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: \n \n \"With our strong cash position, Sirius continues to deliver on an attractive pipeline of opportunities generated by our in-house acquisitions team. The new assets provide a mix of warehouse, production, and office space that we know works well for our platform and our customers. The assets are in well-established locations that benefit from strong SME demand and growth potential, as well as synergies with existing Sirius business park sites. \n \n \n \"Whilst the assets primarily represent an opportunity for the company to utilise its operating platform to drive t...