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 completed the acquisition of Oberhausen Business Park for €39.8 million (total acquisition cost).
The acquisition has been made using the proceeds of the Company’s €400 million corporate bond issuance in June 2021 and will add a further 77,600 sqm of lettable office and industrial space to the Company’s 1.5 million sqm portfolio.
Oberhausen Business Park is located in a well-developed commercial area of the city of Oberhausen, in the northwest of Germany’s Ruhr region. The asset offers a mix of uses including around 47,400 sqm of out-of-town offices, 19,200 sqm of warehouse space, 4,600 sqm of storage and 6,400 sqm of other space.
The property generates NOI of €2.33 million per annum, with an average rent of €3.29 per sqm (excluding parking and other income), reflecting an EPRA Net Initial Yield of 5.9% at 63% occupancy. The asset has a remaining Weighted Average Lease Expiry (“WALE”) of 3.2 years.
Source : Sirius Real Estate