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German business park sold to data centre developer for £34.2M

Written by Mon 1 Apr 2024

The UK and Germany-based investment company, Sirius Real Estate, has sold a German business park site to a data centre developer.

PropertyEU reported the Maintal site was sold to an unnamed developer for £34.2 million ($43.2 million). Sirius Business Park Maintal is situated at Am Technologiepark 1, between Maintal and Hanau. The buyer’s details were not disclosed. 

CEO of Sirius, Andrew Coombs, said the Maintal site had been five years in the making and could result in further transactions on other Sirius sites with the same buyer.

Sirius purchased the 37,830 sqm site 16 years ago for £14.5 million ($18.3 million). Following the departure of the property’s long-term anchor tenant, Sirius secured planning permission for a change of use.

Coombs said selling the Maintal property at a price higher than its book value enables the company to take advantage of market demand and realise profits from their established portfolio. 

“It also provides us further flexibility to recycle capital into new opportunities within our existing portfolio, as well as into our pipeline of acquisitions,” added Coombs.

Sirius has committed more than £135 million ($170.2 million) in acquisitions since November and plans to seek future opportunities. 

In October, Google opened its first data centre in the Hanau region, adjacent to Maintal. This facility is part of Alphabet’s $1 billion investment program, shifting focus from advertising to the expanding cloud market.

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Written by Mon 1 Apr 2024

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