German business park specialist Sirius Real Estate has announced plans to raise up to £35 mln (€40 mln) in a share placement aimed at financing new acquisitions.
The company aims to acquire a portfolio of five assets for around €77 mln including acquisition costs.
The target portfolio has an EPRA net initial yield of around 7.3%.
Andrew Coombs, chief executive of Sirius, said, 'The portfolio assets offer an attractive combination of a stable income stream together with excellent scope to create additional value and will fit well within our existing portfolio. We are therefore pleased to be putting forward this opportunity to shareholders in the confidence that it will support an increase in the total returns Sirius can generate.'
Berenberg, Peel Hunt and PSG Capital are acting as joint bookrunners in connection with the placement.
