Sirius Real Estate is spending €21.8m on two business parks in Aachen and Bonn. The Aachen business park is located in the expanding Würselen district, just west of the Company’s Bonn and Cologne parks and well situated next to the Dutch and Belgian borders. It has a total lettable area of 26,759 sqm and is currently 73% let to a mix of office and light industrial tenants. The Bonn business park, has a total lettable area of 9,810 sqm and is currently 76% let to mix of office, service and retail businesses. These sites generate €2.2m of annualised rental income and €1.9m of net operating income at a combined EPRA Net Initial Yield of 9.02%.
Sirius is using part of the proceeds of an €40m equity raise it made in November and the tail end of a €36m five year debt facility to finance the deals. They had planned to acquire one other business park in Mahlow for €4.5m but that deal will not now go ahead.
SRE : Sirius buys two business parks