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 notarised or completed the acquisition of four business park assets and one land parcel for a total of approximately €84.8 million (total acquisition costs).
The acquisitions are located in Oberhausen, Frankfurt, Heiligenhaus and Öhringen and provide over 150,000 sqm of lettable space. In addition, the Company has acquired a land parcel adjacent to its existing asset in Neuruppin. The properties have been acquired using proceeds of the Company’s inaugural €400.0 million corporate bond issuance that successfully completed in June 2021.
Together the acquisitions* generate day one net operating income (NOI) of €3.4 million per annum, representing a blended EPRA net initial yield of 4.1% at occupancy of 59%. With 62,000 sqm of vacant space, the assets provide an opportunity to grow income through the letting up of vacant space, accretive refurbishment and selective development.
* excluding the land parcel
Source : Sirius Real Estate