Sirius Real Estate, an owner and operator of branded business and industrial parks in Germany and the UK, has completed the disposal of BizSpace Camberwell in London for £16 mln (€19 mln).
The sale price represents a net initial yield of approximately 2.0% and a 94% premium to the value at the time of the company’s acquisition of BizSpace in November 2021.
The purchase of BizSpace enabled Sirius to enter the UK market for the first time through the platform acquisition of this leading provider of regional light industrial, workshop, studio and out-of-town office units.
The multi-tenanted Camberwell business park comprised 34,700 ft2 (3,200 m2) of industrial and office space and was 91% occupied following a series of asset management measures delivered through the BizSpace platform.
Said Andrew Coombs, CEO of Sirius Real Estate, said: 'The disposal of this asset demonstrates our ability to utilise the expertise within the Sirius and BizSpace platforms to identify, asset manage and crystallise value in our portfolios.
Source: propertyeu.info on the 7th of July