Dawnay, Day Sirius, the newly incorporated real estate company established to acquire large mixed-use commercial real estate for upgrading to flexible workspaces, announces it has successfully completed the acquisition of 20 properties in Germany with a combined lettable space totalling c. 390,000 m², independently valued by DTZ at €206m. The Initial Portfolio generates an aggregate annual net rental income of approximately €13m and a net initial yield of 6.3%. The Company announced its intention to acquire the Initial Portfolio at the time of its IPO, in May 2007.

Kevin Oppenheim of the Asset Manager said: "In addition to acquiring the Initial Portfolio, we have a significant pipeline of further acquisitions with a total valuation in excess of €400m. These properties, together with the Initial Portfolio are ideal for transforming into flexible workspaces and we look forward to announcing further updates on the Company's progress."

Source: Property Magazine