11th Mar 2025 11:54
Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Sells its BizSpace Tyseley Business Park in Birmingham for GBP6.7 million, reflecting a 20% premium to its book value of GBP5.6 million in September 2024. Sirius had acquired the property in November 2021 for GBP5.1 million and increased the rent roll of the site by 30%, contributing to an increase in average rate per square foot to GBP9.69 from GBP7.39. However, "significant future capex investment was required in order to maintain the buildings, which the company felt could be better spent elsewhere in the portfolio", Sirius explains.
"This transaction demonstrates our platform's ability to attract higher-paying quality occupiers and effectively execute strategically timed deals, enabling efficient capital recycling into our acquisition pipeline," says Chief Executive Officer Andrew Coombs.
Current stock price in London: 83.05 pence, up 0.6% late Tuesday morning.
12-month change in London: down 8.5%
Current stock price in Johannesburg: ZAR19.56, up 0.4% on Tuesday afternoon
12-month change in Johannesburg: down 10%
By Emily Parsons, Alliance News reporter
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