Sirius Real Estate has exchanged contracts for the sale of its BizSpace Cardiff site for £5.075m. The company said the sale price represented a 10% premium to the asset’s current book value.
Sirius entered into terms to sell BizSpace Cardiff to a private buyer in September 2023 subject to planning approval, which was granted in December 2024. The property comprises 44,195 sq ft of lettable office space and will be converted into student accommodation by the new owner.
Sirius has also acquired a multi-tenanted business park in Mönchengladbach, Germany, for €17.21m in a deal representing an initial net yield of 8.21%.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “The disposal of our Cardiff asset at a 10% premium to book value underlines our ability to maximise the value of non-core assets in order to recycle the proceeds into properties which offer greater opportunity for us to add value through Sirius’ asset management platform.”
