Germany-focused business park owner Sirius Real Estate said it had bought a property near Stuttgart for 9.2m.
The London-listed company said the deal for the 8,800 square-metre mixed-use business park in Fellbach reflected an EPRA net initial yield of 6%.
Sirius said the new asset sits immediately adjacent to an existing site it bought in 2018, creating an enlarged business park comprising over 36,000 sqm of gross lettable area. Sirius acquired the latest site from a “local family office” using existing cash resources.
Chief executive Andrew Coombs said: “The acquisition will provide a number of compelling operational synergies and widens our range of asset management options particularly when considered alongside our existing adjacent Fellbach business park.”
“With the major tenant moving out shortly after completion our focus is on growing income through the capture of reversion and reduction in service charge leakage. We continue to benefit from a strong balance sheet allowing us to maintain our strategy of acquisitive growth in and around Germany’s key cities.”
