Sirius Real Estate has sold a Frankfurt business park site to a data center developer.
First reported by PropertyEU, Sirius sold a property in the Maintal area of the German city to an unnamed developer for €40.1 million ($43.2m).
Details on a buyer weren’t shared. The Sirius Business Park Maintal was located at Am Technologiepark 1, between Maintal and Hanau.
Andrew Coombs, Sirius's CEO, told PropertyEU the Maintal sale has been five years in the making, and could lead to more transactions on other Sirius sites with the same buyer.
Sirius acquired the 37,830 sqm (407,200 sq ft) site 16 years previously, for €17 million. After the property’s former long-term anchor tenant decided to leave, Sirius obtained planning for a change of use.
Coombs said: “The Maintal disposal at a premium to book value allows us to capitalize on demand and continue to crystallize returns from our mature 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.”
Sirius is a property company listed on the London Stock Exchange; it is a provider, owner, and operator of business and industrial parks in Germany and the UK.
In November last year, Sirius announced it had sold an industrial park in Maintal for €40.1 million, likely this data center deal. At the time the company said the park’s ‘strategic location made it attractive to the unnamed purchaser.’
While Frankfurt is one of the world’s major data center hubs, the Maintal area of the city hasn’t traditionally seen much attention from data center firms. In contrast, neighboring Hanau has recently seen Google, Data4, and CyrusOne announced expansions.
