Sirius Real Estate offices. Sirius is the owner of branded business and industrial parks in Germany and the UK with a secondary listing on the JSE. Picture: Supplied
Sirius Real Estate, the owner of branded business and industrial parks in Germany and the UK with a secondary listing on the JSE, yesterday announced the acquisition of a business park in Munich for €13.3 million (R306.5m).
The company, which provides conventional space and flexible workspace, said it has completed the acquisition of a development site in Munich, immediately adjacent to the company’s Munich-Neuaubing business park, for €13.3m.
The site was acquired at its land value and represented an important acquisition that allowed the company to secure the final corner of a well-located 130 000 square metre estate in the Bavarian capital, presenting a number of value-add and development options in the future.
“Sirius has already been exploring potential alternative development opportunities at the Munich-Neuaubing site, which lies in a largely residential area, and this acquisition will enhance the optionality,” the company said in a statement.
The new asset came with a day-one rent roll of about €740 000 per year, and a repositioning of the tenant base was envisioned to maximise income in the short term, while exploring development plans.
“This acquisition offers significant operational synergies as well as the potential to unlock meaningful value when considered alongside our existing adjacent Munich-Neuaubing business park,” said Sirius CEO Andrew Coombs.
“With full ownership of this 32-acre estate in a highly desirable location, we have identified attractive longer-term development opportunities.” - Edward West.
BUSINESS REPORT