Sirius Real Estate (SRE) has completed the acquisition of a Dresden business park for €28.6m, including acquisition costs. The site has 53,200 sqm of gross lettable area of which 45.9% is offices and 39.3% is warehouses and the rest is a structural vacancy with an opportunity for development into further office space. The occupancy upon acquisition is 65.7% across a broad base of 60 tenants paying a total annual rental income of €2.78 million with a weighted average lease length remaining of 3.3 years. It is being acquired on an 8.3% EPRA net initial yield. The acquisition has been initially purchased with equity but will be financed with the new BerlinHyp facility that is expected to be drawn down in October.
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