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Sirius Real Estate completes acquisition of three business parks for €26m
StockMarketWire.com
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Business parks operator Sirius Real Estate said it had completed the acquisition of three business parks in Germany for a total of €26 million.
These comprised two previously announced acquisitions - Norderstedt, Hamburg for €9.1 million and Nuremberg for €13.7 million - and a new acquisition for €3.2 million immediately adjacent to the company's existing Mannheim II business park.
The new asset, acquired for €3.2 million, is located in the Kafertal commercial area of Mannheim, previously formed part of the company's existing Mannheim II asset that it acquired in October 2018.
The acquisitions resulted in the company starting the calendar year with three new cash-generative assets which had been acquired at a blended EPRA net initial yield of 7.2% and generate in total €1.9 million of annualised net operating income, the company said.
'Our latest acquisition in Mannheim's Kafertal commercial area provides significant operational synergies and we believe there is potential to unlock value when we consider the asset alongside our existing adjacent business park, Mannheim II,' the company said.
Story provided by StockMarketWire.com
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