Sirius spends £31m on UK industrial sites

Sirius Real Estate has bought two industrial assets in the UK for a combined £31m. The company has bought the 473,000 sq ft Beaumont Road Industrial Estate in Banbury for £25m, reflecting a net initial yield of 9.1%. The assets produces income of £2.4m per annum at an average rate of £5.15 per sq ft. Sirius has also acquired a light industrial multi-let building in Wembley for £6.3m and an NIY of 9.3%. The property is freehold and spans 19,145 sq ft of lettable space, at almost 100% occupancy and generating net operating income of £624,000.  Chief executive Andrew Coombs said: “These acquisitions present the company with a number of value-add opportunities to utilise the Sirius platform to grow income and value across two strategic locations in the UK. “We are continuing to make good progress on our acquisition pipeline, following on from six months of active investments in both Germany and the UK.”