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(Alliance News) - Sirius Real Estate Ltd said on Monday it sold a business park in London for GBP16 million.
The London and Johannesburg-listed property investor said the sale of the BizSpace business park in Camberwell, south London represented a net initial yield of 2.0% and a 94% premium to its valuation at the time of acquisition.
Sirius originally acquired the London asset as part of its acquisition of flexible workspace provider BizSpace Group for GBP245 million in November.
The multi-tenanted business park comprises of 34,700 square feet of industrial and office space.
The sale is expected to complete in July.
Chief Executive Andrew Coombs said: "This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September's valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%. The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline."
Shares in Sirius were up 1.8% at 116.00 pence on Monday morning in London and were up 2.1% at ZAR23.10 in Johannesburg.
By Heather Rydings; heatherrydings@alliancenews.com
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