Sirius completes acquisition of business park near Hamburg

FRANKFURT:  Sirius Real Estate, the leading operator of branded business parks providing conventional space and flexible workspace in Germany, has completed the acquisition of Buxtehude Business Park south west of Hamburg, in Lower Saxony, for a total consideration of €8.7 million including acquisition costs.[the_ad id=”31605″]The vendor is a well known, international spirits company. The acquisition, notarised in March 2019, has been funded from existing cash resources.

The business park, which provides 28,532 sqm of lettable space (90% warehouse/ production space; 6% offices; and, 4% of other space) on a plot of 35,425 sqm, is being acquired with full vacant possession.  Sirius will make use of its operating platform to re-let the site using a multi-tenant strategy with an anchor tenant surrounded by several smaller tenants with multiple different lease lengths.

Buxtehude, located 30 km southwest of Hamburg city centre, is part of the Hamburg Metropolitan Region. It is attached to the city’s S-Bahn rapid transit network and has easy access to the Autobahn network. Major companies operating in the town include Airbus, Unilever and Pioneer.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “Buxtehude is our third acquisition in the Hamburg area and is part of our inititive to sell our three non-core properties in Bremen, which we completed last month and move the resources and capital from Bremen into the Hamburg market where we believe opportunities and returns will be much greater. Buxtehude with the potential to accommodate a flexible multi-tenant structure, in an area where take up is robust and rents are growing is an exciting value-add opportunity for Sirius.”

“The acquisition plays to the strengths of our integrated business model and track record of generating tenant demand, maximising space usage and achieving management efficiencies.”

“We are already generating interest in this park from prospective tenants and we believe Buxtehude will complement the Company’s two existing Hamburg sites.”

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