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02 Sep 2019 | 07:07

Sirius Real Estate acquires German business park for €6.7m

Germany focused business property investor Sirius Real Estate said it had acquired an office building adjacent to a business park in Bochum from Hausser-Bau for €6.7m.

The acquisition cost reflected an EPRA net initial yield of 5.5%.

The deal, notarised in July, was settled in cash and funded using proceeds from recent asset recycling activity. The vendor was Häusser-Bau GmbH.

The property, constructed in 1970, provided 4,200 square metres of lettable space and 71 parking spaces on a total plot size of around 3,300 square metres.

It was 100% let, producing an annual total income of around €428k and annual net operating income of €370k.

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