Sirius Real Estate has acquired two multi-let business parks in western Germany. The invedtment volume of €21.8 mln, including acquisition costs, reflects a net initial yield of 9%.

Sirius Real Estate has acquired two multi-let business parks in western Germany. The invedtment volume of €21.8 mln, including acquisition costs, reflects a net initial yield of 9%.

The two sites in Aachen and Bonn, in the state of Nordrhein-Westfalen, generate €2.2 mln of annualised rental income.

The Aachen business park has a total lettable area of 26,759 m2 and is currently 73% let to a mix of offices and light industrial tenants. It is located in the Würselen district close to the Dutch and Belgian borders.

The Bonn site is 76% let with a combination of offices, services and retail businesses, with a total lettable area of 9,810 m2.

The company said it saw opportunities to exploit the vacant space through a mixture of conventional office and industrial lettings as well as ‘value-add’ flexible workplace solutions.

The acquisitions were funded by the proceeds of Sirius’s recent €40 mln private placement, announced in November, and a drawdown of the remaining €9.9 mln from its new five-year €36 mln debt facility.

Sirius used the larger share of the debt facility to acquire two multi-use business parks on the outskirts of Berlin in December 2014 for a total of €49 mln.