Business
Sirius completes Wuppertal business park sale
Sirius completes Wuppertal business park sale.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n SIRIUS REAL ESTATE LIMITED\n \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 3 April 2023\n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS COMPLETES WUPPERTAL BUSINESS PARK SALE AT PREMIUM TO BOOK VALUE\n \n \n 25% combined premium to book value achieved on six sales during last 12 months\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 and the U.K., announces that it has completed the disposals of two assets for a combined total of\n €\n 12.2 million, representing an average NIY of\nc. 4.1%.\n \n \n The most recent disposal, which completed on 1 April 2023, was achieved at a 5.3% premium to book value (30 September 2022: €8.3 million) and comprised a c.15,000 sqm (162,000 sq ft) mixed-use mature business park in Wuppertal, in North Rhine Westphalia, Germany. Originally acquired by Sirius in 2007 and sold for €8.8 million, the property offered office, warehouse and production as well as workshop space and was approximately 80% let.\n \n \n This disposal follows the €3.4 million (£3.0 million) sale at book value (as at 30 September 2022) of a c.82,000 sq ft (7,620 sqm) vacant office building in Ipswich, U.K., which completed in December 2022.\n \n \n The Company has disposed of six assets in the last 12 months (including the sale of two non-income producing land parcels in Germany) for a total sales price of €45.7 million compared with a book value of €36.7 million, representing a 25% aggregate premium to the last book value prior to each sale. Each disposal was achieved at or above book value, with the proceeds being invested in the acquisition of three new sites in Germany for a total consideration of €44.6 million, of which €43.7 million was transacted in the second half of 2022. The three new sites are now generating higher revenues than the income contributed by the assets disposed of earlier in the year. The new sites offer a number of value add accretive asset management opportunities for the Company to unlock through...