Sirius and AXA buy German business park
Sirius Real Estate and AXA IM Alts are buying a business park in Augsburg, Germany, from Corestate for €80m (£71m), lifting the portfolio value at their Titanium joint venture to €317m.
Sigma Technopark has more than 1.2m sq ft of space, with more than 90% currently let to some 74 tenants. It will be rebranded as a Sirius business park. The site gives the jv an EPRA net initial yield of 6%.
The Titanium venture’s portfolio has now almost doubled in size since its launch in August 2019. It owns seven business parks, all of which are operated by Sirius.
Sirius Real Estate and AXA IM Alts are buying a business park in Augsburg, Germany, from Corestate for €80m (£71m), lifting the portfolio value at their Titanium joint venture to €317m.
Sigma Technopark has more than 1.2m sq ft of space, with more than 90% currently let to some 74 tenants. It will be rebranded as a Sirius business park. The site gives the jv an EPRA net initial yield of 6%.
The Titanium venture’s portfolio has now almost doubled in size since its launch in August 2019. It owns seven business parks, all of which are operated by Sirius.
Andrew Coombs, chief executive of Sirius, said: “Alongside AXA IM Alts we have strong ambitions to grow the Titanium portfolio significantly, and have a strong pipeline of further opportunities that we continue to explore.”
Coombs recently told EG that the company was entering the first quarter of 2021 with a pipeline of transactions valued at more than €100m, split between deals of its own and those made with Titanium. Earlier in January the company completed a trio of deals valued at a combined €26m.
Analysts at investment bank Berenberg described the Augsburg deal as adding to “a good start to 2021” for Sirius.
“Following the €80m Augsburg acquisition, Sirius’s total acquisition volume including completed deals has already reached €120m this year,” the Berenberg team wrote. “As Sirius has increased its own portfolio’s regional and sector diversification in recent years, we would thus expect the company to see a larger deal flow overall.”
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