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Sirius picks up Stuttgart business park for EUR35 million

Industrial parks specialist Sirius Real Estate has completed the acquisition of a business park in Neckartenzlingen, south of Stuttgart, for a total cost of EUR34.5 million. The transaction, which was notarised in September 2021, will be financed using existing cash resources, and reflects an EPRA net initial yield of 5.6%.

As a result of this transaction Sirius has completed the acquisition of 254,100 m2 of business parks, industrial space, out of town office space and a land parcel across nine assets in Germany this financial year, representing a total investment volume of EUR153.9 million. In addition, Sirius entered the UK market in November with the acquisition of BizSpace, a provider of regional light industrial, workshop, studio and out of town office units to a wide range of businesses for an enterprise value of GBP380 million.

The Neckartenzlingen business park asset comprises three mixed-use buildings, which Sirius is acquiring from two separate vendors, Hirschmann Electronics GmbH and Logwin Holding Immo Aschaffenburg GmbH. Built between 1955 and 1991 and previously held as one combined asset, the property has 54,515 m2 of gross lettable area and primarily comprises production space (36%), warehouse space (30%) and out of town offices (27%) as well as other uses (7%). There are 893 car parking spaces on site.

Source: propertyeu.info on the 1st of December