BizSpace, Sirius Real Estate's UK subsidiary, has exchanged contracts to acquire a portfolio of two mixed-use industrial assets. The two assets are located in Liverpool and Barnsley with a combined area of 6,685m² of predominantly workshop accommodation. The purchase price of c. €11m represents a net initial yield (NIY) of 9.6% (total acquisition cost).
These acquisitions follow on from the previously announced Camberwell and Ipswich disposals, which were sold at a combined premium to book value.
The sale illustrates the company’s continued focus on recycling capital from mature highly valued assets into those with potential which would benefit from the company’s active asset management platform.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “It is pleasing to see the execution of our asset recycling strategy, by being able to redeploy capital from assets that were sold at a premium to book value into immediately income enhancing acquisitions that can benefit substantially from future asset management initiatives.”
