Sirius Real Estate, JSE-listed owner and operator of branded business and industrial parks in Germany and the UK, has disposed of two assets for a combined €12.2 million (R237.1m).
The most recent sale on April 1, 2023, was at a 5.3% premium to book value and comprised a 15 000 square metre mixed-use mature business park in Wuppertal, Germany. Originally acquired by Sirius in 2007 and sold for €8.8m, the property offered office, warehouse, production and workshop space.
The disposal followed the €3.4m sale at book value of a 82 000 square feet vacant office building in Ipswich, UK, in December.
Sirius has sold six assets in 12 months (including two non-income-producing land parcels in Germany) for a total €45.7m, with a book value of €36.7m, representing a 25% premium to the last book value prior to each sale.
The proceeds were being invested to acquire three new sites in Germany for €44.6m, of which €43.7m was transacted in the second half of 2022. The three new sites were now generating higher revenues than the income contributed by the assets disposed of earlier in the year, the company said in a statement.
BUSINESS REPORT