13th May 2019 11:25
LONDON (Alliance News) - German business park operator Sirius Real Estate Ltd said on Monday it has acquired Buxtehude Business Park in Lower Saxony from an unnamed international spirits company for EUR8.7 million.
The business park provides 28,532 square metres of lettable space, consisting of 90% warehouse & production space; 6% in offices and 4% of other space with full vacant possession.
Sirius intends to use the park's operating platform to re-let the site using a multi-tenant strategy with an anchor tenant surrounded by several smaller tenants with multiple different lease lengths.
"Buxtehude is our third acquisition in the Hamburg area and is part of our initiative to sell our three non-core properties in Bremen, which we completed last month and move the resources and capital from Bremen into the Hamburg market where we believe opportunities and returns will be much greater," said Chief Executive Andrew Coombs.
"Buxtehude with the potential to accommodate a flexible multi-tenant structure, in an area where take up is robust and rents are growing is an exciting value-add opportunity for Sirius," Coombs added.
Shares in Sirius Real Estate were down 0.2% at 63.60 pence in London, while Johannesburg shares were 1.0% lower at ZAR11.73 on Monday.
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