Sirius Real Estate Limited Acquisition (8694K)
September 27 2016 - 2:00AM
UK Regulatory
TIDMSRE
RNS Number : 8694K
Sirius Real Estate Limited
27 September 2016
27 September 2016
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Completion of the acquisition of Dresden Business Park for
EUR28.6 million
Sirius Real Estate, the leading operator of branded business
parks providing conventional space and flexible workspace in
Germany, is pleased to announce the completion of the acquisition
of the Dresden business park for EUR28.6 million (including
acquisition costs).
The site has 53,200 sqm of gross lettable area of which 45.9% is
offices and 39.3% is warehouses and the rest is a structural
vacancy with an opportunity for development into further office
space. The occupancy upon acquisition is 65.7% across a broad base
of 60 tenants paying a total annual rental income of EUR2.78
million with a weighted average lease length remaining of 3.3
years. It is being acquired on an 8.3% EPRA net initial yield.
The acquisition has been initially purchased with equity but
will be financed with the new BerlinHyp facility that is expected
to be drawn down in October.
Andrew Coombs, Chief Executive Officer, said, "This is a good
site with the right mix of existing income combined with the
potential for us to add our expertise in developing the vacant
space to lift occupancy and capital values significantly. We are
also making good progress towards completing the acquisition of the
Wiesbaden business park currently under notarisation."
Enquiries:
Sirius Real Estate
Andrew Coombs, CEO
Alistair Marks, CFO +49 (0)30 285010110
Peel Hunt
Capel Irwin
Edward Fox +44 (0)20 7418 8900
Canaccord Genuity Limited +44 (0)20 7523 8000
Bruce Garrow
Chris Connors
JSE Sponsor: PSG Capital +27 (0)21 887 9602
David Tosi
Willie Honeyball
Novella +44 (0)20 3151 7008
Tim Robertson
Toby Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
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September 27, 2016 02:00 ET (06:00 GMT)