Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF), the owner and operator of business and industrial parks, said it completed the previously announced disposal of BizSpace Camberwell in London for £16mln.
The sale price had a net initial yield of 2% and was at a 94% premium to the value at the time of the Bizspace acquisition in November last year.
Buying BizSpace enabled Germany-focussed Sirius Real Estate to enter the UK market for the first time via the platform acquisition of a provider of regional light industrial, workshop, studio and out-of-town office units.
Camberwell business park, which is multi-tenanted and comprised of 34,700 square feet, was 91% occupied after several asset management measures delivered through the BizSpace platform.
"The disposal of this asset demonstrates our ability to utilise the expertise within the Sirius and BizSpace platforms to identify, asset manage and crystallise value in our portfolios,” Andrew Coombs, Sirius chief executive, commented.