PROPERTY
Sirius gets active in Germany with a disposal and two buys
Sirius sells a mature asset in Kiel for €7m, representing a net initial yield of 7.4%, including acquisition costs
Sirius Real Estate, owner of flexible offices in Germany and a fledgling storage business, which recently joined the JSE main board, has sold a €7m mature asset and made two acquisitions for €25.8m. Sirius’s main tenants are small and medium enterprises. The company is dual-listed on the main board of the London Stock Exchange and the JSE. Sirius acquired a property in Neuss, just outside Düsseldorf, for €16.1m. This asset includes two office buildings that are 38.3% let with a net lettable area of 18,258m². It also acquired a property in Neu-Isenburg, outside Frankfurt, for total acquisition costs of €9.7m. This asset comprises a single office building that is currently 41.3% let, with a net lettable area of 7,996m². "This also provides excellent scope as a property with great opportunity for significant asset management potential," said CEO Andrew Coombs. Sirius sold a property in Kiel for €7m, representing a net initial yield of 7.4%, including acquisition costs. The property is ...
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