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(Sharecast News) - Sirius Real Estate on Monday acquired a 19,600 square metre office complex in Hallbergmoos, near Munich Airport, for €20.2m, using funds from five recent disposals.
The German-focused branded business park operator said its new park is currently 55% let, with the purchase price reflecting an EPRA net initial yield of 3.4% due to the partial vacancy of the three-storey building.
The site, located near two other parks owned by the FTSE 250 company, generates an annual rental income of €960,000 at an average rate of €6.67 per square metre, with a remaining weighted average lease term of 2.4 years.
Chief executive Andrew Coombs said: "This asset fits well with our acquisition criteria, in particular the low capital value, the level of vacancy within the building and the low average rent compared to the local market. It offers a great opportunity to add significant value by playing to the strengths of our integrated business model and track record of maximising occupation and growing rental levels."
20 Nov 2023 16:57
UPDATE: Sirius Real Estate raises GBP147 million via capital raise
Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Raises GBP146.6 million via the issue of 170.4 million new shares, representing around 15% of total shares prior to the capital raise. Earlier in the day, it said it sought to conduct a non-pre-emptive placing of new shares to raise about GBP145 million to allow it to buy new properties. The property group said it had identified a pipeline of eight attractive acquisition opportunities that met its criteria. Of these, four are based in Germany and would require around GBP85 million, and four are located in the UK and would require some GBP45 million. Over the last four months, it acquired assets in Liverpool, Barnsley and three in North London for a combined GBP45 million.
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