Sirius JV Titanium buys German technopark for €80m

Industrial park investor Sirius said its Titanium joint venture with AXA IM has bought the Sigma Technopark in Augsburg, Germany for €80m (£71m) from a fund managed by Corestate Group.

The addition of the site increases the size of the Titanium portfolio to €317m, nearly double its value at launch in August 2019, Sirius said on Monday.

Sigma Technopark, which will be rebranded as a Sirius business park, is a multi-tenanted business park comprising 113,000 sqm of space across a range of uses. It is currently 90% let to 74 tenants ranging in size from blue chip corporates and public bodies through to SMEs and start-ups, the company said.

“It is a well located, large scale business park which offers both good quality day one income as well as an opportunity to grow rental income and create value through asset management,” said Sirius chief executive Andrew Coombs.

“Alongside AXA IM Alts we have strong ambitions to grow the Titanium portfolio significantly and have a strong pipeline of further opportunities that we continue to explore.”