Buys costing €24.5m completed

SIRIUS Real Estate, the listed operator of branded business parks in Germany, has completed the acquisition of two properties for a combined cost of €24.5 million (R368m). The group said yesterday that on July 1 it had completed the acquisition of BerlinMahlsdorf II, a mixed-use building in a commercial area 15km east of the centre of Berlin and adjacent to an existing Sirius site in Berlin-Mahlsdorf, for €6.4m, including acquisition costs. On the same date, it had also completed the acquisition of Grasbrunn, four office buildings providing total space of 14 791m² close to Munich, for €18.1m, including acquisition costs. The transactions will be funded from the proceeds received from recent disposals of mature assets. Andrew Coombs, the chief executive of Sirius Real Estate, said it was pleasing to be able to recycle the equity released from the recent disposals into these two excellent assets, which have strong potential. – Roy Cokayne