Nova Ambiente has advised Sirius Real Estate in environmental aspects for the acquisition of two business parks in Cologne and Göppingen. The two German business parks add to the company's German portfolio of approximately 1.9 million square metres. The business park in Cologne comprises 19,114 square metres of mainly commercial space. The property was registered at a price of EUR 20.0 million and currently generates total rental income of EUR 1.67 million and net annual operating income of EUR 1.56 million, representing a gross yield on acquisition of 8.4% and an EPRA net initial yield of 7.3%. The location has an occupancy rate of just over 89%, with a weighted average unexpired lease term ("WAULT") of 2.4 years and a well diversified, stable tenant structure. The park offers a number of strong value-add opportunities to drive rental growth, including the accessible sublets identified by Sirius.
In Göppingen, a town in Baden-Württemberg south-east of Stuttgart, Sirius acquired a multi-tenant business park with a total lettable area of approximately 35,160 sqm, consisting mainly of light industrial and manufacturing space. The acquisition was notarised for EUR 19.8 million and generates total rental income of EUR 1.78 million and annual net operating income of EUR 1.47 million, representing a gross yield of 9.0% and an EPRA net initial yield of 6.9%. With an occupancy rate of approximately 86% and a WAULT of 2.8 years, the property offers Sirius the opportunity to use its platform to improve occupancy, income and service charge recovery.
Ambiente Deutschland GmbH thanks Sirius Real Estate for their continued trust in providing environmental support.