CAPE TOWN - SIRIUS Real Estate, which has a secondary JSE-listing and is the owner and operator of branded business and industrial parks in Germany, was acquiring a business park in Essen for €10.7 million (about R190m), a statement said yesterday.
The transaction was by way of a sale and leaseback with Thyssenkrupp, the international industrial engineering and technology group.
The purchase was sourced by the Sirius acquisitions team off-market and would be funded from existing cash resources, with completion expected in the second quarter of this year.
Built between 1962 and 1963, the mixed-use business and industrial park offers 14 711m² of gross lettable area, of which 45 percent was warehouse, 42 percent office and 13 percent production space.
The park was situated on land that offered potential for development into additional warehouse and office space. There were 190 parking spaces.
The business park was 80 percent let to six entities within Thyssenkrupp, and produces annualised rental income of about €830 000. It was the fifth acquisition by Sirius in the second half of its financial year.
BUSINESS REPORT