Sirius Real Estate, the owner and operator of German business parks, and joint venture partner AXA IM Alts have acquired the Sigma Technopark in Augsburg for €80m.
The acquisition for the ‘Titanium’ joint venture was at a net initial yield of 6% and increases the size of the portfolio to €317m.
The seven business parks in the joint venture are operated by Sirius. The acquisition of Sigma Technopark, which will be rebranded to a Sirius business park, has been made on behalf of clients through AXA IM Alts’ Real Assets platform.
The business park is multi-tenanted and comprises 113,000 sqm of space across a range of uses. It is currently 90% let to 74 tenants ranging in size from well-established blue chip corporates and public bodies through to SMEs and start-ups.
Sirius said the asset offers strong asset management potential and the opportunity for repositioning through capex investment to improve occupancy and rental rates.
Augsburg, Bavaria, in an area that is among the top logistics regions in Germany, Sigma Technopark benefits from excellent transport links, being situated just a 30-minute drive from Munich, and close to the B17 Autobahn.
Titanium was formed in August 2019 when AXA IM Alts completed the acquisition, on behalf of clients, of a 65% stake in five German business parks, from Sirius, which retained the remaining 35%. The joint venture aims to grow primarily through the acquisition of larger stabilised business park assets and portfolios with strong tenant profiles and occupancy.
SRE : Sirius Real Estate and AXA IM buy German business park for €80m