Sirius Real Estate Limited Acquisition of Business Park (9000A)
04 January 2018 - 6:00PM
UK Regulatory
TIDMSRE
RNS Number : 9000A
Sirius Real Estate Limited
04 January 2018
4 January 2018
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Acquisition of Krefeld Business Park
for EUR9.2m Completed
Sirius Real Estate, the leading operator of branded business
parks providing conventional space and flexible workspace in
Germany, is pleased to announce the acquisition of a business park
in Krefeld for EUR9.2 million (including acquisition costs).
Located in Krefeld, near Dusseldorf, the business park has been
acquired at a 6.7% EPRA net initial yield. This is the third site
that Sirius has acquired in Krefeld, which is a market that the
Company knows well. This business park has 10,398 sqm of modern,
quality office and warehouse space, with occupancy of 72% and
annualised rental income of EUR0.7 million.
The acquisition was notarised on 29 September 2017.
Andrew Coombs Chief Executive Officer of Sirius Real Estate,
said:
"Krefeld is one of the markets we know extremely well in Germany
and we are confident of adding value to this, the latest of our
Krefeld acquisitions. The City is commercially vibrant with
excellent links to Dusseldorf and across Germany. We already have
17,793 sqm of lettable workspace in Krefeld so we know the types of
workspace that are in undersupply. We will use this local knowledge
and the operational synergies available to us to add rental income,
alongside investing in re-branding and transforming sub-optimal
areas."
For further information:
Sirius Real Estate
Andrew Coombs, CEO
Alistair Marks, CFO +49 (0)30 285010110
Novella
Tim Robertson
Toby Andrews +44 (0)20 3151 7008
About Sirius Real Estate
Sirius is a property company listed on the main market and
premium segment of the London Stock Exchange and the main board of
the Johannesburg Stock Exchange. It is a leading operator of
branded business parks providing conventional space and flexible
workspace in Germany. The Company's core strategy is the
acquisition of business parks at attractive yields, the integration
of these business parks into its network of sites under the
Company's own name as well as offering a range of branded products
within those sites, and the reconfiguration and upgrade of existing
and vacant space to appeal to the local market, through intensive
asset management and investment. The Company's strategy aims to
deliver attractive returns for shareholders by increasing rental
income and improving cost recoveries and capital values, as well as
by enhancing those returns through financing its assets on
favourable terms. Once sites are mature and net income and values
have been optimised, the Company may take the opportunity to
refinance the sites to release capital for investment in new sites
or consider the disposal of sites in order to recycle equity into
assets which present greater opportunity for the asset management
skills of the Company's team.
For more information, please visit:
www.sirius-real-estate.com
Images of the Sirius property portfolio are available from:
https://www.flickr.com/photos/sirius_re/
LEI: 213800NURUF5W8QSK566
This information is provided by RNS
The company news service from the London Stock Exchange
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