Sirius snaps up three London sites for £33.5m

Sirius Real Estate has completed a deal to buy three north London business parks from a closed-ended fund for £33.5m. The deal comes as the business and industrial parks specialist recycles more of its capital, selling a site in Germany for €40m. The London deal gives Sirius control of two sites in Islington and one in Camden, with a combined area of 103,962 sq ft. Most of that is multi-let studio workspace, with an occupancy rate of just under 70%, offering “significant potential for growth”. The properties are let on flexible leases and have a WAULT of 3.1 years. Chief executive Andrew Coombs said the deal “represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform”. He added: “We are increasingly seeing attractive acquisition opportunities across both Germany and the UK and will continue to pursue our asset recycling activities to support the long term growth of the group.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews