Sirius Real Estate Ltd on Thursday said that it has notarised the acquisition of a business park in Germany, making it the firm’s third asset buy in the country this year.
The London and Johannesburg-listed property investor bought the business park in Klipphausen, which is near Dresden, together with an adjacent land parcel, for €13.8 million.
According to Sirius Real Estate, the acquisition was funded with proceeds from last November’s €165 million capital raise. The site has been bought from a corporate owner occupier, which plans to vacate the building six months after completion.
Sirius plans to convert the site into a multi-tenanted business park. It also intends to expand the park by developing the adjacent land parcel that was part of the acquisition.
To ensure a smooth departure, Sirius has also granted the vendor a six-month lease, which can be extended by two months, for rent of €200,000 per month.
Sirius Real Estate shares were trading 0.8% higher at 86.30 pence each in London on Thursday morning, and 0.7% higher at R 21.00 in Johannesburg.
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