Sirius Real Estate Limited has exchanged contracts on the acquisition of Vantage Point Business Village, a multi-let business park in Gloucestershire, for a total acquisition cost of £48.25 million (?56.4 million), representing a net initial yield at acquisition of 10.2%. The acquisition has been made using the proceeds of the Company's £147 million capital raise, achieved last November. The acquisition represents the first asset in the U.K. and the fourth asset in total acquired by Sirius this calendar year, following the purchases of business and industrial parks in Köln, Göppingen and Klipphausen for approximately ?53.75 million in aggregate.

Through this purchase, Sirius will add more than 1.5 million sq ft of space to its BizSpace portfolio, of which over 1 million sq ft is industrial space. The 60-acre business park at Mitcheldean was renowned first for manufacturing Rank projection equipment then as Rank Xerox's manufacturing hub between 1961 and 2003. It is 81% occupied and offers a mixture of warehouse, production, storage, conventional and serviced office space to over 70 companies across 119 units.

Sirius has identified a number of opportunities to drive value by utilising its asset management platform to improve occupancy, income and service charge recovery. The total acquisition cost includes a £1.25 million deferred element which is conditional on certain events taking place within nine months of completion. As part of the acquisition, Sirius has also acquired a PV solar business from the vendor which currently supplies most of the electricity to the site from panels installed on certain buildings, providing energy security and an attractive income stream.

Situated in a highly desirable location on the edge of The Forest of Dean, and close to a number of major cities including Bristol to the South, Gloucester to the East and Cardiff to the South West, the park benefits from good transport networks and connectivity to the national motorway network via the A40 and M50. Proximity to other Sirius sites, including Gloucester Barnwood and Gloucester Morelands, will enable the Company to leverage operational synergies alongside its local market expertise. Separately, the Company has completed on the previously announced disposal of an industrial park in Maintal, in Germany's southwest Hesse region, for ?40.1 million (£34.3 million), representing a net initial yield of 5.7%.

The asset, which comprises 37,830 sqm of logistics, office and industrial space, was sold at an approximate 6% premium to the last reported book value at the time of notarisation. The sale aligns well with Sirius' strategy of recycling capital from mature assets into those where the Company believes it can grow income and value through its operating platform.