Sirius, a commercial real estate firm specialising in business and industrial parks, has expanded its German holdings with a €17.21m acquisition in Mönchengladbach and has sold a £5m (€6m) asset in Cardiff, UK.
Sirius said it has agreed to acquire the 124,599sqm multi-tenanted business park in Mönchengladbach in a sale-and-partial-leaseback agreement with SMS group, a global engineering and plant construction company, which will continue to occupy approximately 26% of the site. The site’s current occupancy is 66%.
Separately, Sirius has sold its 44,195sqft BizSpace Cardiff asset. The buyer intends to convert the Cardiff asset into student accommodation.
Andrew Coombs, CEO of Sirius Real Estate, said: “The acquisition in Mönchengladbach allows us to take ownership of an asset with enormous potential. It will provide both day-one income and a longer-term opportunity to attract occupiers to the business park through asset management, with further operational synergies from the asset’s close proximity to our existing portfolio in the region.
“We are also pleased to have undertaken another sale-and-leaseback deal, demonstrating our ability to work with corporate owner occupiers to help them extract value from their property assets, while maintaining operations in locations that are highly important to the continuity of their businesses. We see significant potential for similar transactions in Germany.”
“The disposal of our Cardiff asset at a 10% premium to book value also underlines our ability to maximise the value of non-core assets in order to recycle the proceeds into properties which offer greater opportunity for us to add value through Sirius’ asset management platform.”
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