Sirius Real Estate completes disposal programme with sale of Bremen site

Germany-focussed business parks owner and operator Sirius Real Estate has completed the sale of its Bremen Dötlinger Strasse business park to a private investor, in announced on Wednesday, for €6.3m.

The AIM-traded firm said that was in line with the book value as at 30 September, and reflected an EPRA net yield of 5.1%.

It said the property was notarised for sale on 23 October.

The park contained 10,273 square metres of mixed-use space, which was 43% vacant and required “significant” capital expenditure to attract new tenants.

Sirius said the disposal completed its recent programme of sales of a number of non-core assets in the portfolio, with the others being Bremen Hag Business Park, Bremen Brinkmann, a non-income producing piece of land and a vacant residential building.

Together, those sales had generated proceeds of €27.4m.

“With the disposal of these non-core assets and the complete withdrawal from the non-core location of Bremen, we are now focused on Germany's ‘big seven’ cities,” said Sirius Real Estate chief executive officer Andrew Coombs.

“The proceeds from these sales provide us with additional capital to invest in our capex investment programme on the current portfolio and on new acquisitions.”