Dawnay Day is to set up its third Aim-listed property venture, focusing on flexible office space for small businesses in Germany. Financial Times.

Dawnay Day Sirius will use part of the expected €300m (£205m) raised by the flotation to purchase of German property assets currently jointly owned by Dawnay Day and property entrepreneurs Frank and Kevin Oppenheim.

After paying €206m for the portfolio, mostly debt funded, Dawnay Day Sirius will have acquisition firepower of about €540m over the next 12 to 18 months. It said it was already in talks about a pipeline of deals worth more than €400m.

Dawnay Day owners Peter Klimt and Guy Naggar, and the Oppenheims will take a joint 9% stake in the company through a jointly owned investment vehicle, while another Dawnay Day company will manage the portfolio. Dick Kingston, former finance director of Slough Estates, will be chair the company.