German branded business park operator Sirius Real Estate has revealed it has committed to or is in exclusivity to purchase €99.1 mln of the €100 mln of acquisitions slated for this year.
So far, it has inked €39.4 mln of deals to buy business parks in Friedrichsdorf and Fellbach and has notarised a business park in Mannheim, which is expected to complete in October. In addition, the company has entered into exclusivity to acquire another €59.7 mln of assets.
The firm recently completed three large new lettings across the country and agreed a significant tenancy renewal. New tenants include a leading German sports car manufacturer based in Sirius, which has signed a five-year lease for the entire 6,800 m2 office building at Sirius Business Park Stuttgart-Weilimdorf, completing the asset management plan for the site.
Meanwhile, division of the Berlin government has signed a 10-year lease at Sirius Business Park Berlin Tempelhof on 2,200 m2 of office space at a rent of €14.35 per m2. Another new tenant, Care Deutschland-Luxemburg, part of the global humanitarian charity, has taken a ten-year lease on 1,950 m2 of offices at Sirius Business Park Bonn-Siemensstrasse.
Sirius also announced is at an advanced stage of negotiations with Daimler, the owner of Mercedes-Benz, for a five-year extension to its lease on 40,000 m2 of office, production and storage space at Sirius Technologiepark Kirchheim.
'These lettings demonstrate the effectiveness of our asset management approach, which focuses on the mix of long-term stable income alongside high-yielding flexible income. We have secured some very well covenanted blue-chip and government tenants on long-term leases, which are expected to be earnings accretive for those business parks,' said Andrew Coombs, Sirius' CEO.
'Given the quality of these lettings and the current level of activity in our pipeline, we are optimistic about the potential to further enhance the value and income from our portfolio.'
