Business and industrial parks investor Sirius Real Estate has sold an industrial park in Germany and acquired three assets in the UK.
Sirius Real Estate said the industrial park in Maintal, in Germany’s southwest Hesse region, is being sold for €40.1m, representing a 6% premium to the asset’s last reported book value.
The company has also invested £33.5m (€39m) to buy the portfolio of three assets in North London, from an unnamed closed-ended fund. The assets have a combined area of 103,962sqft and mainly consist of multi-let studio workspaces.
Andrew Coombs, CEO Sirius Real Estate, said the Maintal disposal at a premium to book value has allowed the firm to capitalise on the demand for this high-quality property.
“The sale of this mature asset at a 5.7% [net initial yield], coupled with the completion of our acquisition of the properties in London at a 7.3% NIY with only a 70% occupancy, represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform.
“In the current market, we are focused on improving rental levels and providing tenants with the flexibility and services they need. We are increasingly seeing attractive acquisition opportunities across both Germany and the UK and will continue to pursue our asset recycling activities to support the long-term growth of the group.”
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