German business park in the bag

SIRIUS Real Estate, which owns and operates a portfolio of branded business parks in Germany and has a secondary listing on the JSE’s AltX, has completed the acquisition of Krefeld Business Park and an office building in Dreieich for a combined total consideration of €7.5 million. The company said yesterday that the Krefeld Business Park provided 6 335m² of office and warehouse space and was let to a single tenant. It said the site was producing annualised income of €0.4m and the sole tenant would be conducting a staged exit over the next 14 months, which created an opportunity to re-let the site at a higher rate over a longer term. Andrew Coombs, the chief executive of Sirius, said they had moved quickly to complete these two opportunistic acquisitions, which had been acquired without bank financing. Coombs said they now had the opportunity to significantly increase the rental income from both of them. “We are also continuing to make good progress elsewhere on our acquisition and disposal programme,” he said. – Roy Cokayne