The Forest of Dean's biggest business park has new owners.

The prime Gloucestershire business location changed hands for more than £48m in a deal which will see an Anglo-German real estate company take ownership of the site. It also represents a consolidation of the company's interests in the county with two sites already in its hands.

According to a statement on the LSE, contracts have been exchanged for a £48.25m acquisition of the Vantage Point Business Village in Mitcheldean, which was originally the home of Rank Xerox, on the edge of the Forest.

In an agreement said to represents a net initial yield of 10.2%, Sirius Real Estate, a giant in the provision of conventional and flexible workspace across Germany and the UK, will become the new landlord for businesses in the 67-acre industrial facility. The site, which offers more than 1.5m square feet of space, is also home to the Forest of Dean Growth Hub .

With subsidiaries that include BizSpace, DDS Conferencing and Catering GmbH and MORE, Sirius is listed on the main and premium market of the London Stock Exchange and was founded in 2007.

A statement from Sirius posted by the LSE said: "The 60-acre business park at Mitcheldean was renowned first for manufacturing Rank projection equipment then as Rank Xerox's manufacturing hub between 1961 and 2003. It is 81% occupied and offers a mixture of warehouse, production, storage, conventional and serviced office space to over 70 companies across 119 units."

Sirius added that it has identified "a number of opportunities to drive value by utilising its asset management platform to improve occupancy, income and service charge recovery" at Mitcheldean.

Total acquisition cost include a £1.25 million deferred element which is conditional on certain events taking place within nine months of completion, the statement added.

As part of the acquisition, Sirius has also acquired a PV solar business from the vendor which currently supplies most of the electricity to the site from panels installed on certain buildings, providing energy security and an attractive income stream.

The new ownership for the Forest of Dean park signals an increasing stake for Sirius in Gloucesterhire: the company already owns Gloucester Barnwood and Gloucester Morelands, and this addition, the company said, will enable it to leverage "operational synergies alongside its local market expertise".

Andrew Coombs, Sirius's CEO, said that following on the back of an equity raise of £147m last November for Sirius, the move was "a chance to create value, leaving us well placed to support the continued long-term growth of the Group".

Punchline-Gloucester.com has approached the business park for comment.

Punchline-Gloucester.com Editor Mark Owen said: "This morning's news may not lead to obvious visible change amid the bussle of business life at Vantage in the Forest, but it is a huge confidence boost and pat on the back for one our county's key business engines – and a massive vote for business in the Forest! Until 2001, this site was a key employer and one of only two places globally that built the world's first automatic photocopying machine. It is great to see the momentum continuing at this hub for future growth and industry."