Sirius Real Estate has completed the disposal of BizSpace Camberwell in London for €18.7m (£16m). The sale price represents a net initial yield of approximately 2% and a 94% premium to the value at the time of the company’s acquisition of BizSpace in November 2021. The purchase of BizSpace enabled Sirius to enter the UK market for the first time through the platform acquisition of this leading provider of regional light industrial, workshop, studio, and out-of-town office units. The multi-tenanted Camberwell business park comprised 34,700ft² of industrial and office space and was 91% occupied following a series of asset management measures delivered through the BizSpace platform.
Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “The disposal of this asset demonstrates our ability to utilise the expertise within the Sirius and BizSpace platforms to identify, asset manage and crystallise value in our portfolios. As part of our ongoing portfolio management programme, we are progressing a small number of further sales in the UK and Germany, capturing the value we have created and allowing us to reduce our leverage post the BizSpace acquisition and also recycle capital into asset managing value within, or adding to, our portfolios. BizSpace continues to perform well, benefiting from its integration into the group and from a strengthened management team.”
