Property Flash


April 8 2024 20:50

Sirius completes four previously announced acquisitions in Germany and the UK, at a price of €110m (£94.25m), and disposes of a light industrial asset in the UK for £3m.

The quartet increases Sirius’ UK BizSpace portfolio by more than 1.5 million square feet (139,000 square metres) of industrial space and add almost 72,000 square metres of industrial space to its German portfolio.

Using the proceeds of November’s €165m capital raise, Sirius bought Vantage Point Business Village in Gloucestershire for £48.25m (€56.4m); business parks in Köln and Göppingen for €20m and €19.8m respectively; and an industrial park and adjacent land parcel near Dresden for €13.75m.

The £3m disposal was of a light industrial asset in Stoke-on-Trent, comprising just over 55,097 square feet of industrial space, at a 1% premium to the last reported book value.

Chief executive Andrew Coombs said the acquisitions presented the company with a number of value-add opportunities to grow income and value across four strategic locations in Germany and the UK where the company already has an established presence.

Returns from the Stoke-on-Trent sale would be recycled into new opportunities, he said.

Sirius has more than €2.5bn worth of owned & managed property across Germany and the UK. It has a market capitalisation of R30bn.

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