Branded business and industrial parks owner Sirius Real Estate has added a £48.25 million (€56.4 million) asset to its UK portfolio.
Sirius Real Estate, which owns and operates assets in Germany and the UK said it has agreed to buy Vantage Point Business Village, a multi-let business park in Gloucestershire, in a deal that represents a net initial yield of 10.2%.
As part of the acquisition, Sirius Real Estate has also acquired a photovoltaic solar business from the vendor which currently supplies most of the electricity to the site from panels installed on certain buildings.
The 60-acre business park at Mitcheldean adds over 1.5 million square feet of space to Sirius Real Estate’s BizSpace portfolio, which includes over 1 million square feet of industrial space. Vantage Point Business Village is 81% occupied and offers a mixture of warehouse, production, storage, conventional and serviced office space to over 70 companies across 119 units.
Sirius Real Estate said it has identified a number of opportunities to drive value by utilising its asset management platform to improve occupancy, income and service charge recovery.
Sirius Real Estate said the £48.25 million acquisition has been made using the proceeds of the company’s £147 million capital raise in November last year.
The Vantage Point Business Village asset is the firm’s first UK acquisition this year and the fourth asset in total acquired by Sirius in 2024.
Source: realassets.ipe.com on the 27th of March