- FTSE 250-listed Sirius Real Estate has acquired two business parks for a total of €33.4m.

The real estate investment trust (REIT), which specialises in German properties, has bought Neuss II, a business park near Dusseldorf, and Neuruppin Business Park in the Brandenburg region, it announced this morning.

The purchase price includes acquisition costs and reflects an aggregate EPRA net initial yield of 6.8%.

Neuss ll has 34,000 square metres of net lettable space, with 81.5% let to 16 tenants, producing an annual rental income of €1.3m, reflecting an average rate of €3.84 per square metre. Sirius already owns an 18,000 sqm office building in Neuss and two other business parks in Dusseldorf.

Neuruppin Business Park has 22,400 sqm of net lettable space and is expected to benefit from a €1.4bn road infrastructure expansion project on the main highway between Berlin and Hamburg, anticipated to complete in 2022.

The asset is 100% let to a single tenant, ESE GmbH, Europe's leading manufacturer of temporary storage systems for waste and recyclables, at a current annual rent of €1.3 million or €4.97 per sqm.

Andrew Coombs, CEO of Sirius Real Estate, said: 'The last month has been particularly successful on the acquisitions front providing us with some great assets which have good value add potential that can be realised next year and beyond.'

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