Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Completes disposal of a business park in Kassel, in Germany's southwest Hesse region, for EUR7.3 million. Says it has acquired two mixed use industrial assets for its BizSpace subsidiary in the UK for GBP9.5 million. The two assets are located in Liverpool and Barnsley.
"Our disposal of Kassel at a premium to book value has allowed us to capitalise on demand for this high quality property. The sale of this asset at a 6.0% [net initial yield], coupled with the completion of our acquisition of the properties in Liverpool and Barnsley at a 9.6% NIY 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," Sirius Chief Executive Andrew Coombs says.
Coombs says the company sees plenty of opportunities to continue creating value through asset management across the BizSpace portfolio.
Stock price close in London on Monday: 84.70 pence
12-month change: up 23%
Stock price close in Johannesburg: ZAR19.81
12-month change: up 45%
By Artwell Dlamini, Alliance News reporter
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