Business
Sirius completes sale of Bremen Hag Business Park
Sirius completes sale of Bremen Hag Business Park.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 3693H Sirius Real Estate Limited 14 November 2018 \n\n14 November 2018\n \nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \nSirius completes disposal of Bremen Hag Business Park and notarisation of sale of Bremen Dötlinger Strasse\nSirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, has completed the sale of its Bremen Hag Business Park for €3.8 million and notarised the sale of its Bremen Dötlinger-Strasse Business Park for €6.3 million, both in line with book value.\nBremen Hag was a very large site located next to the container port in Bremen Harbour which held limited appeal among prospective tenants, and was loss-making with a net operating expense of around €300,000 and occupancy of less than 19%. The sale will therefore also increase overall occupancy of the current portfolio by more than 2.5%, removing 48,000 sqm of vacant space.\nBremen Dötlinger Strasse was notarised for sale on the 23 October 2018 and is expected to complete in March 2019.\nThese disposals complete the sale of the remaining non-core assets in the portfolio. They take the number of sales by the Company this year to five, the others being another non-core asset in Bremen, a non-income producing piece of land and a vacant residential building, which together will generate proceeds of €21.1 million (€27.4 million when Bremen Dötlinger completes in March 2019).\nAndrew Coombs, Chief Executive Officer of Sirius Real Estate, said: \"When the Bremen Dötlinger Strasse sale completes in March 2019, it will conclude the Company's strategy to exit Bremen, allowing us to focus our sights on Germany's \"big seven\" cities. The proceeds of both these sales will also provide additional capital to invest in the current portfolio and on new acquisitons.\"\nFor further information:\nSirius Real Estate\nAndrew Coombs, CEO\nAlistair Marks, CFO\n+49 (0)30 285010110\n \nTavistock (financial PR)\nJeremy Carey\nJames Verstringhe\n+44 (0)20 7920 3150\[email protected]\nNOTES TO EDITORS\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 brand...