Sirius Real Estate continues to expand with acquisition of another German business park
Industrial park and flexible workspace provider Sirius Real Estate has acquired a new site in Germany for almost £12m.
The London-based company has snapped up a business park in Klipphausen, near Dresden, in a move funded by the £147m it raised towards the end of 2023.
The deal is the firm’s third in the country this year and the sixth site it has acquired across the UK and Germany in recent months.
In a statement issued to the London Stock Exchange, Sirius Real Estate said the site has been acquired from a corporate owner-occupier who plans to vacate the building.
It then plans to convert the site, which currently comprises approximately 17,700 sqm of primarily light industrial and production space, into a multi-tenanted business park.
Chief executive Andrew Coombs said: “This acquisition presents the company with a strong value-add opportunity to grow income and value through our operating platform.
“We are encouraged that we already have multiple parties who have expressed leasing interest in the business park, representing in aggregate more than the entire space available.
“Additionally, the adjacent land parcel offers significant development potential in an area benefiting from extremely high occupier demand for light industrial, affordable assets in out-of-town locations.
“We are continuing to make good progress on our acquisition pipeline, following our well supported €165m (£147m) equity raise in November and remain extremely active in both Germany and the UK, with this asset to be our third acquired in Germany this year, and our sixth at group level since November.
“We have now committed to over €90m (£77.1m) of acquisitions in that time and are in advanced discussions on a further €60m (£51.4m) of additional opportunities, leaving us well placed to support the continued long-term growth of the group.”