CAPE TOWN - SIRIUS Real Estate, owner of business parks in Germany, and Titanium, the joint venture between Sirius Real Estate and AXA IM Alts, a global alternative investments group, will acquire the Sigma Technopark in Augsburg, Germany, for about €80 million (R1.47 billion).
The property was bought from a German special fund managed by Corestate Group, a statement said yesterday. Sirius, which has a secondary listing on the JSE, said the addition of the site provided attractive day-one income.
In addition, the acquisition increased the size of the Titanium portfolio to €317m, nearly double its value at launch in August 2019 of €168m. The seven business parks in the joint venture are operated by Sirius through its market-leading platform across Germany.
Sigma Technopark would be rebranded as a Sirius business park, and a multi-tenanted business park comprising 113 000 square metres of space across a range of uses. A range of on-site amenities includes 1 500 parking spaces and a canteen.
The park is 90 percent let to 74 tenants, ranging from blue chip corporates and public bodies through to SMEs and start-ups, diversified across numerous sectors including electronic production, education, logistics and technology.
“The asset offers strong asset management potential and the opportunity for repositioning through capex investment to improve occupancy and rental rates,” the statement from Sirius said yesterday.
BUSINESS REPORT