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(Alliance News) - Germany-focused property investor Sirius Real Estate Ltd said Monday it has notarised the acquisition of a business park in Norderstedt, Germany for EUR9.1 million, reflecting an EPRA net initial yield of 7.6%.
Notarisation is when certain documents have been checked by a notary, someone who has the legal authority to say that the documents are true or correctly signed.
The site provides 12,600 square metres of mixed use net lettable space, of which 68% is warehouse, 29% office and 3% other space. The site is fully let to 12 tenants at an average rate per square metre of EUR4.99, with a weighted average lease term of 3.2 years and gross rental income of EUR783,000 per annum.
The acquisition is expected to be completed in December, and will expand Sirius's portfolio in Hamburg to four business parks and will give Sirius a presence in the north of the city.
"This is another good acquisition within the Greater Hamburg Metropolitan area, increasing the total number of assets within the region to four with a total lettable area of more than 95,000 square metres," said Chief Executive Officer Andrew Coombs.
Shares in Sirius Real Estate were up 2.4% at 76.10 pence in London, while its Johannesburg shares were down 0.3% at ZAR16.27 on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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