The Sirius residential building. The group is a leading operator of branded business parks.Photo: Bloomberg

INTERNATIONAL - Sirius Real Estate, the JSE and London Stock Exchange-listed operator of branded business parks providing conventional space and flexible workspace in Germany, has completed the sale of its Bremen Brinkman business park for 15.5million (R234.3m). 

Sirius chief executive Andrew Coombs said yesterday that Bremen Brinkman was one of two non-core sites in Sirius’ portfolio. 

Coombs said its unique structure made it overly expensive for Sirius to reconfigure and it was outside of the company’s target regions.

 The buildings that were sold were uniquely configured for tobacco manufacturing. 

Coombs said disposing of this asset at book value meant they had unlocked 15.5m of capital that could now be re-invested. 

Earlier in March, Andrew Coombs, the chief executive of Sirius, said that, with an annualised rental income of e1.5m and 71% occupancy, the property provided a good combination of both initial income and value-add opportunity. 

“The two acquisitions in quick succession create a number of operational synergies for us,” he said.

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- BUSINESS REPORT ONLINE