The real estate company has notarised or completed the acquisition of four business park assets and one land parcel for a total of approximately €84.8 million.
The acquisitions are located in Oberhausen, Frankfurt, Heiligenhaus and Öhringen and provide over 150,000sq m of lettable space. In addition, the Company has acquired a land parcel adjacent to its existing asset in Neuruppin.
Together the acquisitions excluding the land parcel generate day one net operating income (NOI) of €3.4 million per annum, representing a blended EPRA net initial yield of 4.1 per cent at occupancy of 59 per cent. With 62,000sq m of vacant space, the assets provide an opportunity to grow income through the letting up of vacant space, accretive refurbishment and selective development.
Commenting on the acquisitions, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:”With our strong cash position, Sirius continues to deliver on an attractive pipeline of opportunities generated by our in-house acquisitions team. Whilst the assets primarily represent an opportunity for the company to utilise its operating platform to drive the take up of lettable space and reduce service charge leakage, significant refurbishment and development opportunities also exist to provide further potential for value creation.”
