LONDON, UK: Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K., has completed on four previously announced notarised acquisitions in Germany and the U.K., totalling over €100 million in aggregate.

These include: Vantage Point Business Village in Gloucestershire, U.K., which has been acquired for £48.25 million (€56.4 million); a business park in Köln, which has been acquired for €20.0 million (£17.2 million); a multi-tenanted business park in Göppingen, which has been acquired for €19.8 million (£17.0 million); and an industrial park and adjacent land parcel in Klipphausen, near Dresden, which has been acquired for €13.75 million (£11.8 million).

In total, the acquisitions will add more than 1.5 million sq ft (139,000 sqm) of primarily industrial space to the Group’s BizSpace portfolio, and just under 72,000 sqm of predominantly industrial space to the Group’s German portfolio. The acquisitions have been made using the proceeds of November’s €165 million (£147 million) capital raise.

All four of these assets are situated in highly desirable micro-locations and benefit from good transport networks and connectivity. They are also all located in close proximity to other Sirius or BizSpace sites, with the Köln business park to be the fourth asset owned and operated by the Company in and around Köln, and the Göppingen site to be the tenth asset in the area surrounding Stuttgart, enabling the Company to leverage a number of operational synergies with existing sites alongside its local market expertise.

Separately, the Company announces that it has completed on the disposal of a light industrial asset in Stoke-on-Trent, U.K., for £3 million. The asset, which comprises just over 55,097 sq ft (c. 5,118 sqm) of industrial space, was sold at a 1% premium to the last reported book value and was deemed non-core to the business going forwards.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: “These acquisitions present the Company with a number of value-add opportunities to grow income and value across four strategic locations in Germany and the U.K. where  we already have an established presence.

Acquired at attractive yields, these assets align well with our strategy of curating a range of flexible out-of-town business and industrial products that we expect to appeal to the local market, with the Gloucestershire acquisition expected to be particularly transformational for our BizSpace platform.

Additionally, the strategic disposal of the Stoke site, which was achieved at a modest premium to book value, allows us to crystallise returns from this asset which we will look to recycle into new opportunities.

“We are continuing to make good progress on our acquisition pipeline, following six months of active investments in both Germany and the U.K., and are in advanced discussions on additional opportunities, leaving us well placed to support the continued long-term growth of the Group.”