Sirius’s Berlin office park strategy on track; but share price fails to react in early trade

By Evan Pickworth

German property player Sirius Real Estate (SRE) has completed the acquisition of two multi-let business parks in Mahlsdorf and Potsdam‚ for Eur48.9m‚ taking to the number of business parks it has in the Berlin area to five.

The Berlin area is seen as a core market for the company‚ which listed on the JSE’s alternative exchange in December.

Demand for flexible workspace solutions in Berlin is high‚ the company said on Monday.

Sirius owns a portfolio of office and industrial properties in Germany worth more than R6bn and is listed on the London Stock Exchange’s Alternative Investment Market (AIM).

The Berlin properties via the new deal have been acquired from Union Investment.

Sirius listed on December 5 at R6 after using the new fast track process for companies seeking a secondary listing on the JSE. In early trade on Monday it was four cents weaker than its Friday close‚ at R5.94 a share. But the share has pulled off its worst yet level of R5.80 a share‚ struck on Thursday last week.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »