(Alliance News) - Sirius Real Estate Ltd on Wednesday said it has grown its offering with the buy of a business park in Gloucestershire, its foray into the UK.
The London and Johannesburg-listed property investor said it acquired Vantage Point Business Village, a multi-let business park, for GBP48.3 million.
Vantage Point is the company's first UK asset. It is the fourth asset overall that Sirius has acquired in 2024.
As part of the purchase, the company also acquired a solar business from the vendor, which supplies most of the electricity to the site.
Chief Executive Officer Andrew Coombs said: "This sizeable strategic acquisition is transformational for our UK BizSpace platform, and increases its portfolio by over 1.5 million square feet. The 60-acre park generates strong day-one cash flow from a stable, diversified tenant base and offers various synergies with our existing assets in the local area. It also presents a number of value creation opportunities by driving both occupancy and rental income."
In addition to this, Sirius has completed the disposal of its Maintal industrial park in Germany for EUR40.1 million, representing a 6% premium to its last reported book value.
The sale aligns with the company's strategy of recycling capital from mature assets into assets that provide growth opportunities.
Shares in Sirius were up 1.2% to 94.20 each in London on Wednesday morning. In Johannesburg in the early afternoon, the stock rose 2.0% to ZAR22.53 each.
By Elijah Dale, Alliance News reporter
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Sirius Real Estate (SRE)