REG - Sirius Real Estate - Acquisition <Origin Href="QuoteRef">SRET.L</Origin>

Sirius Real EstateAnnouncement

27/09/2016 07:05

RNS Number : 8694K
Sirius Real Estate Limited
27 September 2016
27 September 2016
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Completion of the acquisition of Dresden Business Park for 28.6 million
Sirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, is pleased to announce the completion of the acquisition of the Dresden business park for 28.6 million (including acquisition costs).
The site has 53,200 sqm of gross lettable area of which 45.9% is offices and 39.3% is warehouses and the rest is a structural vacancy with an opportunity for development into further office space. The occupancy upon acquisition is 65.7% across a broad base of 60 tenants paying a total annual rental income of 2.78 million with a weighted average lease length remaining of 3.3 years. It is being acquired on an 8.3% EPRA net initial yield.
The acquisition has been initially purchased with equity but will be financed with the new BerlinHyp facility that is expected to be drawn down in October.
Andrew Coombs, Chief Executive Officer, said, "This is a good site with the right mix of existing income combined with the potential for us to add our expertise in developing the vacant space to lift occupancy and capital values significantly. We are also making good progress towards completing the acquisition of the Wiesbaden business park currently under notarisation."
Enquiries:
Sirius Real Estate 
Andrew Coombs, CEO 
Alistair Marks, CFO 
+49 (0)30 285010110 
Peel Hunt 
Capel Irwin 
Edward Fox 
+44 (0)20 7418 8900 
Canaccord Genuity Limited 
+44 (0)20 7523 8000 
Bruce Garrow 
Chris Connors 
JSE Sponsor: PSG Capital  +27 (0)21 887 9602 
David Tosi  
Willie Honeyball 
Novella  +44 (0)20 3151 7008 
Tim Robertson 
Toby Andrews

This information is provided by RNS
The company news service from the London Stock Exchange
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