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01 Mar 2019 | 08:25

Sirius Real Estate forms German property JV with AXA Investment Managers

Sirius Real Estate said it had formed a German real estate investment joint venture with clients represented by AXA Investment Managers.

Sirius would own 35% of the venture, called Titanium.

It would initially acquire from Sirius a 65% stake in five single asset special purpose vehicles, through which the company currently owned two business parks in Berlin.

The implied property value of €168m equatd to a gross yield for the portfolio of 6.2% and reflected a premium to the last reported book value as at 30 September 2018, which was €141.1m.

The total cash commitment from AXA amounted to €43.9m, with the transaction expected to generate total cash proceeds of more than €70m for Sirius after refinancing and expected related costs.

At 8:25am: (LON:SRE) Sirius Real Estate Ltd share price was +1p at 61p

Story provided by StockMarketWire.com
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