€15.5 million sale of German non-core asset by Sirius Real Estate – The completion of the sale of the Bremen Brinkman business park for €15.5 million has been announced by the completion of the sale of its Bremen Brinkman business park for €15.5 million by Sirius Real Estate (SRE).
The company say in the announcement that Bremen Brinkman is a non-core site as it is located on the north coast of Germany outside of Sirius’s target regions. The buildings are also uniquely configured for tobacco manufacturing, which, due to the costs and complexity involved, has limited the potential for investment to reconfigure the space.
The asset is being sold in line with book value. At time of sale the asset generated net operating income of €0.9m. As at 31 March 2018 the site contained 48,700 sqm of vacant space which, following completion, results in a positive impact on the Group’s overall occupancy level.
SRE : €15.5 million sale of German non-core asset by Sirius Real Estate