Sirius Real Estate Sirius Real Estate, JSE-listed owner of industrial parks in Germany and the UK, has disposed of two non-core UK assets and recycles into three self storage assets.
Sirius, a leading owner and operator of branded business and industrial parks in Germany and the UK, said Thursday it has exchanged contracts to dispose of two sub-scale multi-use business parks in the Sheffield area in the north of the UK, for a combined £5.3 million (R115.8 million).
"The disposals, agreed at a premium to book value, demonstrate Sirius's focus on disciplined capital recycling, crystalising value from smaller, mature assets where we see limited scope for further income or valuation growth and redeploying the proceeds into opportunities with stronger returns potential,” said CEO Andrew Coombs in a statement Thursday.
The Sheffield assets are being sold to a single purchaser with whom Sirius has previously transacted. Both sites are stable and well occupied but offered limited scope to drive further income or valuation growth, Coombs said.The disposals represented a 3% premium to book value.
Meanwhile, building on Sirius's existing framework of self-storage offerings across Germany and the UK, as well as its recently announced development on its existing site at Berlin Gartenfeld, Sirius has exchanged contracts to acquire and develop three digitally automated self-storage opportunities, located in Leicestershire, Bedfordshire, and Merton (Greater London), all of which are subject to planning.
