Sirius Real Estate buys Krefeld business park for €9.2m

The business park, which was acquired at a 6.7% EPRA net initial yield, is the third site Sirius has bought in Krefeld. It comprises 10,398 sqm of modern, quality office and warehouse space, with occupancy of 72% and annualised rental income of €0.7m.

Chief executive Andrew Coombs said: " Krefeld is one of the markets we know extremely well in Germany and we are confident of adding value to this, the latest of our Krefeld acquisitions. The city is commercially vibrant with excellent links to Dusseldorf and across Germany.

"We already have 17,793 sqm of lettable workspace in Krefeld so we know the types of workspace that are in undersupply. We will use this local knowledge and the operational synergies available to us to add rental income, alongside investing in re-branding and transforming sub-optimal areas."

Sirius operates branded business parks providing conventional space and flexible workspace in Germany.

At 1015 GMT, the shares were down 0.8% to 1,115p.