Sirius buys German industrial park for €43.7m
Industrial park owner Sirius Real Estate Ltd. on Monday said it had bought a site in Feldkirchen, Germany, for €43.7m including acquisition costs.
The business park currently generates €3.4m of annualised rent roll per year and is 94% occupied, the company said in a statement. Its major tenant is Excelitas, a designer and manufacturer of optical and photonic products for the defence, aerospace, medical and industrial sectors, which occupies 72% of the site on a lease with 10.2 years to run.
Following the transaction, Sirius said it will have acquired around €340m of income-producing assets across the UK and Germany so far in 2025.
"We have identified a number of ways to improve the site and to asset manage the rental tone up over time, while Feldkirchen also offers operational synergies, being in close proximity to our existing asset at Grasbrunn," said chief executive Andrew Coombs.
"The acquisition also aligns with our strategic focus on positioning ourselves to benefit from increased defence spending, being anchored by a high quality manufacturing tenant that serves this sector."
Reporting by Frank Prenesti for Sharecast.com
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