Branded business and industrial parks owner Sirius Real Estate has added a £48.25m (€56.4m) asset to its UK portfolio.
Sirius Real Estate, which owns and operates assets in Germany and the UK said it has agreed to buy Vantage Point Business Village, a multi-let business park in Gloucestershire, in a deal that represents a net initial yield of 10.2%.
As part of the acquisition, Sirius Real Estate has also acquired a photovoltaic solar business from the vendor which currently supplies most of the electricity to the site from panels installed on certain buildings.
The 60-acre business park at Mitcheldean adds over 1.5m sqft of space to Sirius Real Estate’s BizSpace portfolio, which includes over 1m sqft of industrial space. Vantage Point Business Village is 81% occupied and offers a mixture of warehouse, production, storage, conventional and serviced office space to over 70 companies across 119 units.
Sirius Real Estate said it has identified a number of opportunities to drive value by utilising its asset management platform to improve occupancy, income and service charge recovery.
Sirius Real Estate said the £48.25m acquisition has been made using the proceeds of the company’s £147m capital raise in November last year.
The Vantage Point Business Village asset is the firm’s first UK acquisition this year and the fourth asset in total acquired by Sirius in 2024.
Andrew Coombs, CEO of Sirius Real Estate, said: “This sizeable strategic acquisition is transformational for our UK BizSpace platform, and increases its portfolio by over 1.5m sqft. The 60-acre park generates strong day-one cash flow from a stable, diversified tenant base and offers various synergies with our existing assets in the local area.
”It also presents a number of value creation opportunities by driving both occupancy and rental income.”
Coombs added that the company has so far committed to over £135m of acquisitions since November and is continuing to “actively seek future opportunities where we see the chance to create value, leaving us well placed to support the continued long-term growth of the group”.
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