Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) said it has agreed to the sale of an asset in Camberwell, London, for £16mln.
The asset was part the portfolio Sirius acquired in November last year when it bought office provider BizSpace. The sale price represents a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace, the company said in a statement.
Sirius, which owns and operates conventional and flexible workspaces in Germany and the UK, also said the sale represents a roughly 2% net initial yield.
The sale of the 37,000 square feet of industrial and office space, which is 91% occupied, is expected to be completed in July.
“The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline,” said chief executive Andrew Coombs.
“Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio."