Sirius Real Estate has completed the sale of its Bremen Dötlinger Strasse Business Park, to a private investor, for €6.3 million.
In line with the book value at 30 September 2018, the sale reflects an EPRA net yield of 5.1%. The property was notarised for sale on the 23 October 2018.
The property comprises 10,273 sq m of mixed-use space, which is 43% vacant and requires significant capital expenditure to attract new tenants.
This final disposal completes the Sirius’s recent programme of sales of a number of non-core assets in the portfolio, the others being Bremen Hag Business Park, Bremen Brinkmann, a non-income producing piece of land and a vacant residential building. Together these have generated proceeds of €27.4 million.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “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. 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.”