(Alliance News) - Sirius Real Estate Ltd on Thursday said that it has notarised the acquisition of a business park in Germany, making it the firm's third asset buy in the country this year.
The London and Johannesburg-listed property investor bought the business park in Klipphausen, which is near Dresden, together with an adjacent land parcel, for EUR13.8 million.
According to Sirius Real Estate, the acquisition was funded with proceeds from last November's EUR165 million capital raise. The site has been bought from a corporate owner occupier, which plans to vacate the building six months after completion.
Sirius plans to convert the site into a multi-tenanted business park. It also intends to expand the park by developing the adjacent land parcel that was part of the acquisition.
To ensure a smooth departure, Sirius has also granted the vendor a six-month lease, which can be extended by two months, for rent of EUR200,000 per month.
Sirius Real Estate shares were trading 0.8% higher at 86.30 pence each in London on Thursday morning, and 0.7% higher at ZAR21.00 in Johannesburg.
By Holly Beveridge, Alliance News reporter
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Sirius Real Estate (SRE)