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Sirius Real Estate unveils €66.4M of property purchases, €18M of disposals

Sirius Real Estate Ltd. moved forward with €66.4 million worth of property acquisitions and €18 million of mature asset disposals in Germany over the last six weeks, it said in a release.

On May 31, the company completed a €22.9 million acquisition of an office asset in Cologne. The property includes 20,342 square meters of gross lettable space and is 99% let to multitenants. The transaction represents an 8.1% net initial yield, as determined by the European Public Real Estate Association.

Earlier in May, the company notarized the €15.8 million acquisition of one property in Neuss, alongside one in Neu-Isenburg for €9.7 million, and another in Grasbrunn for €18.1 million. The Neuss office building spans a net lettable area of 18,258 square meters, while the Neu-Isenburg asset is a mixed-use business park comprising office and warehouse space, with a net lettable area of 7,996 square meters. The Grasbrunn property, which comprises four office buildings, has a net lettable area of 14,791 square meters.

Meanwhile, the company completed the disposal of a mature asset in Dusseldorf for €11.0 million on May 19, which represents an EPRA net initial yield of 7.2%. The sale of the mixed-use business park comes at a 25% premium to the site's €8.7 million book value as at the end of September 2016.

In addition, Sirius Real Estate notarized the sale of another mature asset, this time located in Kiel, for €7.0 million, representing an EPRA net initial yield of 7.4%. Since the company acquired the mixed-use business park in 2007, occupancy rates have jumped from 19% to 92% over a net lettable area of 10,000 square meters.