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LONDON - Sirius Real Estate Limited, a prominent operator of business and industrial parks in Germany and the U.K., has expanded its portfolio with the acquisition of Earl Mill Business Park in Oldham, U.K., for £5.7 million. The purchase is part of the company’s ongoing growth strategy, following another recent acquisition in Dresden, Germany.
Earl Mill Business Park comprises a mix of warehouse and office space, totaling 174,000 square feet of lettable area. The site, which will be operated under Sirius’s BizSpace brand, was acquired with an EPRA Net Initial Yield (NIY) of 13.9%. Currently, the business park maintains a high occupancy rate of 95%, generating a Net Operating Income (NOI) of £844,000 per annum.
The 3.8-acre site includes ample parking with space for 300 cars and presents opportunities for value creation through the leasing of vacant space, enhancements to the property’s environmental ratings, and potential future development.
Strategically located near Sirius’s existing Hollinwood site in Oldham, Earl Mill is poised to benefit from the company’s established local market presence and expertise.
Andrew Coombs, CEO of Sirius Real Estate, expressed optimism about the acquisition, stating, "Our acquisition of Earl Mill in Oldham generates day one income and offers further significant potential to improve rental tone and develop new revenue streams through improvements to the site."
Sirius Real Estate’s acquisition strategy focuses on integrating new properties into its network and upgrading them to meet local market demand, ultimately aiming to generate attractive returns for shareholders through increased rental income and capital values.
This latest acquisition aligns with Sirius’s operational strength and asset management capabilities, as the company continues to build a robust pipeline of acquisition opportunities in both Germany and the U.K. for the current year.
The information reported is based on a press release statement from Sirius Real Estate Limited.
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