Sirius Real Estate will sell part of flexible office firm Bizspace, several months after acquiring the company.
Sirius will sell a portion of Bizspace Business Park in Camberwell, London for £16 million, representing a net initial yield of 2%.
Currently, the business park is 91% utilized following various asset management strategies.
The deal, which is expected to be completed in July of 2022, is 94% higher than Bizspace’s valuation when Sirius purchased the firm last November.
“The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline” said Andrew Coombs, CEO of Sirius Real Estate. “Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio.”
Sirius’ business strategy involves them buying business parks, then refurbishing and disposing of them in order to provide higher returns to shareholders through rent and cost.
