Sirius Real Estate has completed a deal to buy three north London business parks from a closed-ended fund for £33.5m.
The deal comes as the business and industrial parks specialist recycles more of its capital, selling a site in Germany for €40m.
The London deal gives Sirius control of two sites in Islington and one in Camden, with a combined area of 103,962 sq ft. Most of that is multi-let studio workspace, with an occupancy rate of just under 70%, offering “significant potential for growth”.
The properties are let on flexible leases and have a WAULT of 3.1 years.
Chief executive Andrew Coombs said the deal “represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform”.
He added: “We are increasingly seeing attractive acquisition opportunities across both Germany and the UK and will continue to pursue our asset recycling activities to support the long term growth of the group.”
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