Sirius Real Estate Limited has completed the acquisition of Helix Investments Limited, the holding company of BizSpace, for a cash consideration of approximately £245mln.
The deal marks Sirius's first significant expansion into the UK, having previously specialised in business and industrial parks in Germany and was financed through a combination of its existing cash resources and new shares.
“The success of our capital raise was a very positive endorsement both of this transaction and our wider strategy for growth,” said Andrew Coombs, chief executive.
BizSpace provides flexible workspace, offering workshop, studio, and out-of-town office units to businesses across the UK, and gives an opportunity to enter with instant scale in an under-served new market, said Sirius.
BizSpace has a high-quality portfolio, offering significant growth potential in rental pricing in a UK market characterised by supply constraints, it added.
"It provides us with our first expansion into a new geography via the acquisition of a significant portfolio of assets and an established operating platform, both of which we believe have huge potential,” added Coombs.