Business
SIRIUS TO ACQUIRE ESSEN BUSINESS PARK
SIRIUS TO ACQUIRE ESSEN BUSINESS PARK.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3299S\n Sirius Real Estate Limited\n 16 March 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 16 March 2021 \n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS TO ACQUIRE ESSEN BUSINESS PARK\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 that it has notarised the acquisition of a business park in Essen for €10,710,000. The transaction is by way of a sale and leaseback with thyssenkrupp, the international industrial engineering and technology group, and reflects an EPRA net initial yield of 6.5%. The purchase was sourced by the Sirius acquisitions team off-market and will be funded from existing cash resources, with completion expected in Q2 2021.\n \n \n Built between 1962 and 1963, the mixed-use business and industrial park offers 14,711 sqm of gross lettable area, of which 45% is warehouse, 42% is office and 13% production space. The park is situated on a 34,844 sqm plot, which includes a 4,450 sqm parcel of land that offers the potential for development into additional warehouse and office space. The site currently has 190 parking spaces.\n \n \n The business park is currently 80% let to six entities within thyssenkrupp, and produces total annualised rental income of approximately €830,000, reflecting an average rent of €5.85 per sqm (including car parking). \n \n \n The weighted average unexpired lease length is 1.4 years, presenting Sirius with a range of asset management options and the opportunity to increase income through the re-letting of vacated space and selective investment into the asset. \n \n \n Located in the south west of Essen, around 2km from the city centre, the park is highly accessible by rail and car. Essen is the second largest city in the Ruhr, Germany's most populous region and industrial heartland, which is home to many of the country's largest companies. Sirius already manages office space at Ruhrturm Essen, also located in the ...