Sirius Real Estate buys Oberhausen Business Park for €39.8m (DE)

Sirius Real Estate buys Oberhausen Business Park for for €39.8m (DE)

Sirius Real Estate has completed the acquisition of Oberhausen Business Park for €39.8m. The purchase has been made using the proceeds of the company's €400m corporate bond issuance in June 2021 and will add a further 77,600m² of lettable office and industrial space to the company's 1.5 million m² 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 47,400m² of out-of-town offices, 19,200m² of warehouse space, 4,600m² of storage and 6,400m² of other space. The property generates NOI of €2.33m per annum, with an average rent of €3.29 per m² (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.

 

Commenting on the acquisition, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “Oberhausen is a good acquisition that provides the Company with strong day one cash flow, and also the potential to grow income in the medium term by letting vacant space through targeted investment and refurbishment. This is where the Sirius platform excels. We are pleased to be making good progress on our pipeline of acquisitions, with a strong cash position following our €400m bond issuance in June, and we are in active discussions on a number of other promising opportunities in Germany.”

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