(Alliance News) - Sirius Real Estate Ltd announced on Wednesday it had acquired four business park assets and a land parcel in Germany for a combined value of about EUR84.8 million.
London-based operator of business parks firm said it had completed the acquisition of four business park assets and one land parcel for a combined value of about EUR84.8 million, or ZAR1.48 billion.
The acquisitions are located in Oberhausen, Frankfurt, Heiligenhaus and Ohringen. In addition, the company acquired a land parcel adjacent to its existing asset in Neuruppin.
These properties have been acquired using proceeds of Sirius' inaugural EUR400.0 million corporate bond, completed in June.
Excluding the land parcel, the acquisitions are expected to generate net operating income of EUR3.4 million a year.
"The new assets provide a mix of warehouse, production, and office space that we know works well for our platform and our customers. The assets are in well-established locations that benefit from strong SME demand and growth potential, as well as synergies with existing Sirius business park sites," said Chief Executive Andrew Coombs.
"With our strong cash position, Sirius continues to deliver on an attractive pipeline of opportunities generated by our in-house acquisitions team," Coombs said.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Sirius Real Estate (SRE)