|
Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Says its has disposed of an industrial park in Maintal, in Germany’s southwest Hesse region, for €40.1 million, and has acquired three assets located in North London for £33.5 million. Says these transactions are part of its asset recycling programme. Notes that the Maintal disposal was achieved at about 6% above the last reported book value. ‘The sale of this mature asset at a 5.7% NIY [net initial yield], coupled with the completion of our acquisition of the properties in London at a 7.3% NIY with only a 70% occupancy, represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform,’ Chief Executive Officer Andrew Coombs says. Coombs says the group is increasingly seeing attractive acquisition opportunities both in Germany and the UK. Current stock price in London: 86.20 pence 12-month change: up 25% Current stock price in Johannesburg: R 19.37, down 1.7% 12-month change: up 33% Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
