Sirius Real Estate Limited notarized the acquisitions of two business parks, one in Koln (Cologne) and the other in Goppingen, for a total acquisition cost of approximately EUR 40 million (£34 million). The acquisitions have been made using the proceeds of November's £147 million (EUR 165 million) capital raise. This follows on from the three UK acquisitions in North London at the end of last year for £33.5 million.

The two recently notarized business parks in Germany add just under 55,000 sqm of primarily light industrial and production space to the Group's c. 1.9 million sqm German portfolio. The business park in Koln, Germany's fourth largest city, in Nord-Rhein Westphalia, comprises 19,114 sqm of principally light industrial space. The property has been notarized at a price of EUR 20.0 million and currently generates total rental income of EUR 1.67 million and an annualized net operating income of EUR1.56 million, representing a gross yield at acquisition of 8.4% and an EPRA net initial yield of 7.3%.

The site has an occupancy rate of just over 89%, with a weighted average unexpired lease term 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 accessible under-renting which Sirius has identified. In Goppingen, a city in the state of Baden-Wurttemberg, south east of Stuggart in southern Germany, Sirius is acquiring a multi-tenanted business park with a total lettable area of approximately 35,160 sqm across primarily light industrial and production space.

"We currently have EUR78 million of proceeds committed to legally binding acquisitions, EUR38 million of which has already been completed. company Is in an advanced stage of discussions with over EUR 70 million of additional opportunities across Germany and the U.K. and expect to deploy the remaining fundraise proceeds in the coming months.