Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) said its UK subsidiary BizSpace has exchanged contracts to acquire a portfolio of two mixed-use industrial assets located in Liverpool and Barnsley for a purchase price of £9.5mln.
The assets have a combined area of 71,957 square feet of predominantly workshop accommodation. Net initial yield of the acquisition is 9.6%.
These acquisitions follow on from the previously announced Camberwell and Ipswich disposals, which were sold at a combined premium to book value.
The sale forms part of Sirius’ focus on recycling capital from mature highly valued assets into those with potential which would benefit from the company's active asset management platform.
In a statement, Andrew Coombs, chief executive of Sirius Real Estate, commented: "It is pleasing to see the execution of our asset recycling strategy, by being able to redeploy capital from assets that were sold at a premium to book value into immediately income enhancing acquisitions that can benefit substantially from future asset management initiatives."