Sirius Acquires Office Complex Near Munich Airport For EUR20 Million

(Alliance News) - Sirius Real Estate Ltd on Monday said it has acquired an office complex in ...

Alliance News 2 December, 2019 | 7:48AM
Email Form

(Alliance News) - Sirius Real Estate Ltd on Monday said it has acquired an office complex in Hallbergmoos, Germany, near Munich Airport, for EUR20.2 million.

The commercial property investor said it already owns two business parks in the Munich area.

The office complex - which was bought from investment firm KCM Invest AG - will provide Sirius with a total of 19,600 square meters of net lettable space over three floors, together with 336 parking spaces.

The asset is 55% let to 28 tenants, producing an annual rental income of EUR960,000 at an average rate of EUR6.67 per square meter, Sirius noted.

"This asset fits well with our acquisition criteria, in particular the low capital value, the level of vacancy within the building and the low average rent compared to the local market," explained Chief Executive Andrew Coombs.

He added: "It offers a great opportunity to add significant value by playing to the strengths of our integrated business model and track record of maximising occupation and growing rental levels."

Sirius shares were trading 0.4% higher in Johannesburg on Monday morning at ZAR15.18 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Sirius Real Estate Ltd 79.20 GBX 0.51 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies