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(Alliance News) - Sirius Real Estate Ltd on Monday announced the acquisition of the Sigma Technopark in Augsburg, Germany through joint venture Titanium for EUR80 million from a German special fund managed by Corestate Group.
Titanium is a joint venture between German property investor Sirius and investment company AXA Investment Managers - Real Assets. Sirius has a 35% stake in the joint venture, with the remainder owned by AXA.
Sigma Technopark is a multi-tenanted business park comprising 113,000 square meters of space across a range of uses. It has over 1,500 parking spaces and includes a range of onsite amenities including a canteen.
The business park is currently 90% let to 74 tenants.
Sirius Chief Executive Andrew Coombs said: "This acquisition is a great example of the type of assets in which we want to invest alongside AXA IM Alts in the Titanium joint venture. It is a well located, large scale business park which offers both good quality day one income as well as an opportunity to grow rental income and create value through asset management. Alongside AXA IM Alts we have strong ambitions to grow the Titanium portfolio significantly and have a strong pipeline of further opportunities that we continue to explore."
Sirius added that Titanium now has a portfolio of EUR317 million, almost double its value of EUR168 million at its launch in August 2019.
Sirius Real Estate shares were up 2.0% at ZAR18.25 each in Johannesburg on Monday, and up 1.7% at 88.00 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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