Sirius Real Estate has announced the acquisition of a business park in Krefeld for €9.2m. The asset has been acquired at a 6.7% EPRA net initial yield.
This is the third site that Sirius has acquired in Krefeld, which is a market that the Company knows well. This business park has 10,398 m² of modern, quality office and warehouse space, with occupancy of 72% and annualised rental income of €0.7m.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: "Krefeld is one of the markets we know extremely well in Germany and we are confident of adding value to this, the latest of our Krefeld acquisitions. The City is commercially vibrant with excellent links to Dusseldorf and across Germany. We already have 17,793 m² of lettable workspace in Krefeld so we know the types of the workspace that is in undersupply. We will use this local knowledge and the operational synergies available to us to add rental income, alongside investing in re-branding and transforming sub-optimal areas."