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