Sirius sells business park in London for £16m 

Sirius sells business park in London for £16m 

Sirius Real Estate has agreed the sale of an asset in Camberwell, London, for £16 million, representing a net initial yield of  of c. 2.0%.

The asset formed part of the portfolio Sirius acquired in November 2021 with its purchase of BizSpace, the provider of regional light industrial, workshop, studio and out of town office units across the UK.

The sale price represents a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace.

The multi-tenanted business park, which comprises approx. 34,700 sq. ft. of industrial and office space, is 91% occupied following a series of asset management measures delivered through the BizSpace platform.

The sale is expected to complete in July 2022.

Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September’s valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%. The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline. 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.”