Branded business park specialist Sirius Real Estate has notarised the disposal of an industrial park in Maintal, in Germany’s southwest Hesse region, for €40.1 million, representing a net initial yield of 5.7%.
The disposal was achieved at approximately 6% above the last reported book value. The Maintal industrial park offered Sirius little potential for further value creation, however its strategic location made it attractive to the purchaser, a trend we have witnessed in past disposals of mature assets.
Furthermore, through its BizSpace subsidiary, Sirius has exchanged and completed on the acquisition of a £33.5 million (€38.6 million) portfolio of three assets located in North London, from a closed ended fund.
The assets are based in busy suburban areas, with two in the Borough of Islington and one in the Borough of Camden. The three assets have a combined area of 103,962 square feet (9,658 square metres) of primarily multi-let studio workspaces and occupancy rate of just under 70%, which the group views as providing significant potential for growth.
Source: propertyeu.info on the 7th of November 2023
https://propertyeu.info/Nieuws/Sirius-offloads-Maintal-industrial-park-buys-in-London/df838178-7d0e-43e3-a443-54f132743fc7