Sirius Real Estate has completed the disposal of a business park in Kassel, in Germany’s southwest Hesse region, for €7.3m, representing a NIY of 6.0%.
The asset, which is 92% let, comprises a total lettable area of 8,342m2 of industrial, office, logistics and other space within a 16,217m2 plot size.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "Our disposal of Kassel at a premium to book value has allowed us to capitalise on the demand for this high-quality property. The sale of this asset at a 6.0% NIY, coupled with the completion of our acquisition of the properties in Liverpool and Barnsley at a 9.6% NIY represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform. In the current market, we are focused on improving rental levels and providing tenants with the flexibility and services they need. We see plenty of opportunities to continue creating value through asset management across the BizSpace portfolio, as we have successfully achieved through the Sirius platform with our German assets.”
