Sirius Real Estate, a London-listed investment company focused on business parks and other real estate in Germany, aims to strike more than €100m of deals in the coming months.
Andrew Coombs, chief executive of the FTSE 250 company, told EG the company is eyeing sites for its own balance sheet valued at between €10m and €20m, with vacancy rates of between 20% and 25% and on which there remains “a lot of opportunity and work to be done”, as well as larger assets valued at more than €50m for its Titanium joint venture with Axa Investment Managers’ real assets division, into which Sirius will a make a significant contribution.
Coombs said he and the Sirius team would be “very disappointed” not to have found “at least €100m” of transactions before March.
The chief executive added that two-thirds of its investment deals will likely be larger transactions through Titanium, and a third will be funded from Sirius’s own balance sheet.
At the time of Sirius’s latest results, covering the six months to 30 September, the company had cash on hand of €128.4m, which it said then gave it “significant firepower for a strong pipeline of acquisitions”. The team added that the contribution of acquisitions to the second half of the year should be “meaningful”.
Since the publication of those results the company has agreed a €13.7m deal to buy a multi-tenanted business park in Nuremberg.
EG will publish a full interview with Sirius Real Estate chef executive Andrew Coombs in the new year.
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