Tight 2% yield is Sirius business in Camberwell sale

Sirius Real Estate has agreed the sale of a BizSpace park in Camberwell, SE15, for £16m. The deal for the 35,000 sq ft multi-tenanted office park represents a 2% yield. The business park formed part of the portfolio Sirius acquired in November last year when it bought BizSpace. The sale price represents a 94% premium to the valuation at the time of the takeover. The sale is expected to complete in July 2022. Chief executive Andrew Coombs said: “This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September’s valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%.” He added: “The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline. Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio.”   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews