Sirius Real Estate has completed the acquisition of Chalcroft Business Park in Southampton for £38.6m. The company has also purchased an adjoining 4.5-acre development site with outline planning permission for a further £4.2m.
The acquisition of the business park site followed the fulfilment of a condition relating to increased on-site power capacity, supporting future expansion and development.
Discussions are already underway with a prospective tenant regarding the build-out of the adjacent development land, which Sirius says has the potential to deliver significant value creation.
The company has also completed the purchase of a business park in Dresden, Germany, for €23.4m.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “The completion of these two acquisitions immediately adds €4.5m of annualised income to Sirius’ €2.7bn portfolio in Germany and the UK. More importantly, they provide attractive opportunities to leverage our platform to grow revenues and unlock new income streams through active asset management, enhancing yields while capitalising on the assets’ strategic locations where we already have an established presence.
“Both acquisitions are fully aligned with our strategy of developing a diversified mix of flexible out-of-town business and industrial space tailored to local market demand, while supporting Sirius’ broader sustainability objectives. With nearly €300m of new investments secured so far this year, we are clearly demonstrating our ability to source and execute accretive transactions that strengthen our rent roll today and we expect will in the longer term deliver significant value for investors through development and repositioning initiatives.”
