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Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Acquires a development site in Munich, immediately adjacent to its Munich-Neuaubing business park, for €13.3 million. The site has been acquired at its land value, Sirius says, and represents an ‘important’ strategic acquisition that allows it to secure the final corner of a 130,000-square-meter estate, presenting value add and development options in the future. ‘The new asset being acquired comes with day one rent roll of about €740,000 per annum and the company envisions re-positioning the tenant base to maximise this income in the short term whilst exploring development plans,’ Sirius says. ‘This strategic acquisition offers significant operational synergies as well as the potential to unlock meaningful value when considered alongside our existing adjacent Munich-Neuaubing business park,’ Chief Executive Officer Andrew Coombs says. Sirius says it continues to make good progress on its acquisition pipeline through acquisitions across the UK and Germany. Current stock price in London: 80.29 pence 12-month change: down 9.9% Current stock price in Johannesburg: R 18.57, down 0.8% on Tuesday morning 12-month change: down 10% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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