Sirius acquires business park and office building for €51mn
Sirius Real Estate has acquired the “Alzenau Business Park” located on Siemensstraße in Alzenau, near Frankfurt. The property consists of eleven buildings with 60,000 sqm of lettable space – 47% warehouse/production space, 47% office space and 6% for other use. The buildings were erected between 1985 and 2002. Sirius states that the €44.5mn purchase price, including expected additional purchase costs of €2.5mn, corresponds to an initial net return of 7.9%. The business park is 93.5% let to 16 tenants, and is currently generating an annual gross rent of €4.1mn. The sellers, RWE Generation and GfV Gesellschaft für Vermögensverwaltung, are being represented by Innogy. In Bochum, Sirius acquired an office property on Herner Straße with around 4,200 sqm of lettable space from Häusser-Bau for €6.7mn. The property is fully let to ThyssenKrupp Bilstein with a reported net initial return of 5.5%.
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