Sirius Real Estate has wrapped up three acquisitions valued at a combined €26m (£23.3m) as the investment firm eyes a busy start to 2021.
Andrew Coombs, chief executive of the London-listed, Germany-focused company, told EG in December that Sirius has a €100m-plus pipeline of deals for the first quarter of the year, including transactions for its own balance sheet and those for a joint venture with Axa.
Today the company said it has completed three business park acquisitions – two that had previously been announced in Hamburg for €9.1m and Nuremberg for €13.7m, and a new acquisition for a €3.2m site next to an existing investment in Mannheim.
The trio of deals has a blended EPRA net initial yield of 7.2% and generates close to €2m of annualised net operating income.
Coombs said: “These business parks are immediately accretive to earnings and signal a return to acquisitive growth for the company after holding back whilst assessing the impact of Covid-19 on the marketplace.
“Two-thirds of the total space acquired relates to production and storage space whilst the remaining office space provides the company with the opportunity to offer its high yielding out-of-town flexible office products.”
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