11th Feb 2015 09:46
LONDON (Alliance News) - Sirius Real Estate Ltd on Wednesday said it has acquired two multi-let business parks in Germany for EUR21.8 million.
Sirius has acquired a business park in Aachen, located in the Würselen district, just west of Sirius' existing business parks in Bonn and Cologne. The second site also is in Bonn.
The sites generate EUR2.2 million of annualised rental income and EUR1.9 million of net operating income at a combined net initial yield of 9.02%, Sirius said.
"As with our other two recently completed acquisitions, we are again able to take advantage of a significant yield gap making these transactions immediately earnings enhancing. In addition, we are confident we can enhance the vacant space and attract new tenants to further increase returns to shareholders," said Sirius Chief Executive Andrew Coombs.
Shares in Sirius were trading flat at 0.4325 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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