Sirius Real Estate has completed on four previously announced notarised acquisitions in Germany and the U.K., totalling over €100in aggregate. These include Vantage Point Business Village for €56.4m (GB), two business parks for €40m, one in Koln and the other in Goppingen (DE); and an industrial park in Klipphausen, near Dresden for €13.8m (DE).
Separately, the Company announces that it has completed the disposal of a light industrial asset in Stoke-on-Trent, U.K., for €3.5m. The asset, which comprises just over 5,118m2 of industrial space, was sold at a 1% premium to the last reported book value and was deemed non-core to the business going forward.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: “These acquisitions present the Company with a number of value-add opportunities to grow income and value across four strategic locations in Germany and the U.K. where we already have an established presence. Acquired at attractive yields, these assets align well with our strategy of curating a range of flexible out-of-town business and industrial products that we expect to appeal to the local market, with the Gloucestershire acquisition expected to be particularly transformational for our BizSpace platform. Additionally, the strategic disposal of the Stoke site, which was achieved at a modest premium to book value, allows us to crystallise returns from this asset which we will look to recycle into new opportunities. We are continuing to make good progress on our acquisition pipeline, following six months of active investments in both Germany and the U.K., and are in advanced discussions on additional opportunities, leaving us well-placed to support the continued long-term growth of the Group."
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