Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) has completed four previously announced acquisitions in Germany and the UK, costing €110 million (£94.25 million), and has disposed a light industrial asset in the UK for £3 million.
The quartet will swell the group's BizSpace portfolio by more than 1.5 million square feet (139,000 sq m) of primarily industrial space and add almost 72,000 sq m of predominantly industrial space to its German portfolio.
Using the proceeds of November's €165 million capital raise, Sirius bought Vantage Point Business Village in Gloucestershire for £48.25 million (€56.4 million); business parks in Köln and Göppingen for €20 million and €19.8 million; and an industrial park and adjacent land parcel near Dresden for €13.75 million.
All four are in "highly desirable micro-locations", Sirius said, benefitting from good transport networks, connectivity and proximity to other Sirius or BizSpace sites.
The £3 million disposal was of a light industrial asset in Stoke-on-Trent, comprising just over 55,097 sq ft of industrial space, at a 1% premium to the last reported book value. It was deemed non-core to the business.
Chief executive Andrew Coombs said the acquisitions "present the company with a number of value-add opportunities to grow income and value across four strategic locations in Germany and the UK where we already have an established presence".
Coombs said they had been acquired at attractive yields and align with the strategy of curating a range of flexible out-of-town business and industrial products expected to appeal to the local market, with the Gloucestershire acquisition expected to be "particularly transformational" for BizSpace.
Returns from the Stoke sale will be recycled into new opportunities, he said.
"We are continuing to make good progress on our acquisition pipeline, following six months of active investments in both Germany and the UK, and are in advanced discussions on additional opportunities, leaving us well placed to support the continued long-term growth of the group."