Sirius Real Estate has completed the acquisition of a multi-let light industrial park in Carnforth, Lancashire, for c. €10.8 million, representing an 11.4% net initial yield including acquisition costs. The park is just north of Lancaster and is 4.8 kilometers from the M6 motorway with excellent connections to Scotland and the south.
The acquisition will add c. 15,993 square metres of light industrial space to the Group’s U.K. portfolio, and has been made using proceeds of the recent capital raise in July.
This freehold asset is fully let to eight tenants on FRI (full repairing and insuring) leases. It produces a net operating income of c. €1.3 million per annum. The site comes with planning permission for c. 3,251 square metres of new industrial space.
In addition, Sirius has completed the €3m acquisition of a 35,894 square metres strategic land parcel adjacent to its 77,600 square metres Oberhausen multi-use business park in the Ruhr area of northwest Germany, providing the opportunity to expand the park through a potential development.
Source: europe-re.com on the 5th of November, 2024
https://europe-re.com/sirius-purchased-multi-let-industrial-park-in-carnforth-for-10-8m-gb/73657