Industrial property specialist Sirius Real Estate has acquired four business parks in Germany and the UK for over €100 million.
It has bought Vantage Point Business Village in Gloucestershire for £48.25 million (€56.4 million); a business park in Köln for €20 million (£17.2 million); a multi-tenanted business park in Göppingen for €19.8 million (£17 million); and an industrial park and adjacent land parcel in Klipphausen, near Dresden, for €13.75 million (£11.8 million).
In total, the acquisitions will add more than 1.5 million square feet (139,000 square meters) of primarily industrial space to the Group’s BizSpace portfolio, and just under 72,000 square meters of predominantly industrial space to the Group’s German portfolio. The acquisitions have been made using the proceeds of November’s €165 million (£147 million) capital raise.
Business parks in highly desirable micro-locations
All four assets are in highly desirable micro-locations and benefit from good transport networks and connectivity. They are also all near other Sirius or BizSpace sites, enabling the company to leverage operational syneries.
Sirius Real Estate has also sold a light industrial asset in Stoke-on-Trent, UK, for £3 million. The asset, which comprises just over 55,097 square feet (5,118 m2) of industrial space, was sold at a 1% premium to the last reported book value and was deemed non-core to the business going forwards.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, says, “These acquisitions present the company with a number of value-add opportunities to grow income and value across four strategic locations in Germany and the UK where we already have an established presence. Acquired at attractive yields, these assets align well with our strategy of curating a range of flexible out-of-town business and industrial products that we expect to appeal to the local market, with the Gloucestershire acquisition expected to be particularly transformational for our BizSpace platform. Additionally, the strategic disposal of the Stoke site, which was achieved at a modest premium to book value, allows us to crystallise returns from this asset which we will look to recycle into new opportunities.
“We are continuing to make good progress on our acquisition pipeline, following six months of active investments in both Germany and the UK, and are in advanced discussions on additional opportunities, leaving us well placed to support the continued long-term growth of the group.”
