Sirius Real Estate has completed the acquisition of a business park in Munich for €43.7 million ($50 million).
Feldkirchen business park currently generates €3.4 million ($4 million) of annualized rent roll per annum and is 94 percent occupied with a 7.8 year-weighted average unexpired lease term. This includes several smaller tenants on shorter leases, which offer potential for upside from their current rental levels. The purchase terms reflect an EPRA Net Initial Yield of 7.8 percent.
The asset is anchored by Excelitas, a leading designer and manufacturer of high-performance optical and photonic solutions for defense, aerospace, medical and industrial applications, which occupies 72 percent of the park on a lease with 10.2 years to expiry. Other tenants include OVOL Papier, a subsidiary of global paper conglomerate Japan Pulp & Paper Group; the IWV Institut für Wirtschaftsmathematik and a subsidiary of Bosch.
“The completion of this acquisition brin
