Sirius Real Estate has acquired Vantage Point Business Village in Gloucestershire for £48.25m in a deal representing a net initial yield of 10.2%.
The acquisition of the circa 1.5m sq ft multi-let business park has been made using the proceeds of the company’s £147m capital raise achieved last November.
The 60-acre business park at Mitcheldean is 81% occupied and offers a mixture of warehouse, production, storage, conventional and serviced office space.
As part of the acquisition, Sirius has also acquired a PV solar business from the vendor which currently supplies most of the electricity to the site from panels installed on buildings at the site, providing energy security and an attractive income stream.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “This sizeable strategic acquisition is transformational for our UK BizSpace platform, and increases its portfolio by over 1.5m sq ft. The 60-acre park generates strong day-one cash flow from a stable, diversified tenant base and offers various synergies with our existing assets in the local area. It also presents a number of value creation opportunities by driving both occupancy and rental income.”
