Market wrap: Sirius hits high as BizSpace deal completes

Sirius Real Estate hit a new share price high of 143p on Monday, as the company wrapped up a deal that looks set to redefine the business. Earlier this month Sirius, which has traditionally invested in business parks in Germany, agreed a £245m deal to buy BizSpace, a UK operator of flexible workspaces. Following an equity raise to support the acquisition, the deal closed today. Chief executive Andrew Coombs said: “The completion of this acquisition marks a significant step forward in the continued evolution and growth of Sirius as a business. It provides us with our first expansion into a new geography via the acquisition of a significant portfolio of assets and an established operating platform, both of which we believe have huge potential.” The company’s shares rose by 1.1%. The FTSE 250 group is valued at £1.5bn. Schroder REIT rose by 2.2% on an upbeat asset management update that included news of several new leases at the company’s landmark City Tower in Manchester. And on the other side of the Atlantic, WeWork’s New York Stock Exchange-listed shares were up 2.5% to $9.40 as of early afternoon local time, following publication of the co-working company’s latest earnings. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photo © Gerd Altmann/Pixabay