BizSpace has acquired three assets in North London for £33.5m from a closed-end fund.
The Sirius subsidiary has picked up two assets in the Borough of Islington and one in the Borough of Camden. The three assets offer 103,962 sq ft of primarily multi-let studio workspaces and have an occupancy rate of just under 70%. The purchase price represents a NIY of 7.3%. Cortex and Tudor Real Estate advised the vendor
In Germany, Sirius has also acquired an industrial park in Maintal for €40.1m, representing a NIY of 5.7%.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “The Maintal disposal at a premium to book value has allowed us to capitalise on demand for this high quality property. The sale of this mature asset at a 5.7% NIY, coupled with the completion of our acquisition of the properties in London at a 7.3% NIY with only a 70% occupancy, represents a good example of our strategy of recycling capital from mature assets into those where we believe we can grow income and value through our operating platform.
“In the current market we are focused on improving rental levels and providing tenants with the flexibility and services they need. We are increasingly seeing attractive acquisition opportunities across both Germany and the UK and will continue to pursue our asset recycling activities to support the long term growth of the group.”
