Sirius Real Estate, the JSE AltX-listed owner of branded business parks that provide conventional and flexible office space for tenants in Germany, has notarised the sale of its Rupert Mayer Street Park in Munich for €85m and has agreed to lease back and manage the asset for six years. Sirius, which also owns storage assets, expects to move to the JSE’s main board in or before March. Sirius is the only pure German property player on the JSE and owns assets in Berlin, Munich, Dresden and Mainz, among others. CEO Andrew Coombs said about the business park, on Rupert Mayer Street, that Sirius was continually reviewing its portfolio to dispose of "mature and noncore assets and recycling equity into assets with higher opportunities, to increase total returns from the portfolio". "Over the eight years since … the site was acquired, Sirius’s asset management activity has increased net operating income from €4.4m to €5.3m with the value of the asset increasing by 48% from the €57.5m it cost...
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