The German-focused real estate group says it continues to benefit from a strong cash position as it makes further acquisitions.
Sirius Real Estate has started 2021 with a number of new cash-generative properties. The German-focused real estate group says it has completed three transactions totalling €26 million, including two previously announced acquisitions in Hamburg and Nuremberg and a new acquisition immediately adjacent to its existing Mannheim II business park.
Sirius said the assets provided a mix of approximately two-thirds production and storage space and one-third out-of-town office. It acquired them all on an unencumbered basis using existing cash resources. The company said it had significant finance available to acquire additional assets, while also seeking assets for its Titanium joint venture.
Our latest acquisition in Mannheim’s Käfertal commercial area provides significant operational synergies and we believe there is potential to unlock value when we consider the asset alongside our existing adjacent business park, Mannheim II,” CEO Andrew Coombs said. “As we enter the new year, we continue to benefit from a strong cash position and are focused on executing our healthy pipeline of further acquisitions.”
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