Investor Presentations

RNS Number : 4144B

Sirius Real Estate Limited

04 March 2014

 



Sirius Real Estate Limited

("Sirius" or "the Company")

Investor Roadshow in South Africa

Sirius Real Estate the leading operator of branded business parks providing flexible workspace to the German SME market is holding a series of investor presentations in South Africa over the next three days.

The Company will be providing investors with an update on performance and future potential of the business following the successful equity raising in December 2013. Included in the presentation materials are the following key points:

·    Overall the presentation materials detail the Company's plans to use increased cash reserves to take advantage of earning enhancing opportunities already identified within the core portfolio and to seek attractive new acquisition opportunities.

·    As at 14 February 2014, annualised rental income was stable at €40.9 million, with occupancy also stable at 75% and the average rental rate per sqm across the portfolio was €4.47.

·    A new c. €10 million capital expenditure programme has commenced aimed at unlocking c. 100,000 sqm of vacant space over the next three years with a target ROI of 40%. Work has already begun on 30% of the projects identified.

·   Circa €14.2m of non-core property identified for disposal with progress as follows:

-     €4.3m completed

-     €5.9m notarised

-     €4.0m instructed for sale

·   An additional 106,459 sqm of non-income producing land has been identified as available to sell or develop (since October 2012 60,431 sqm of land has been sold for €8.4 million).

·    The proceeds from these non-core property and non-income producing land disposals will be made available for acquisitions with the potential to generate geared  double digit cash on cash yields based on being 50% geared.

·    Cushman & Wakefield have been appointed as the new valuer, with first valuation to appear in 31 March 2014 accounts.

The presentation materials used at the investor presentations will be published today on the Sirius website: www.sirius-real-estate.com. The Company will not be disclosing any further new material financial information in the presentations.

Enquiries:

Sirius Real Estate                         

Andrew Coombs, CEO                                                                          [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                             [phone]

Hugh Preston

Novella                                     

Tim Robertson                                                                                       [phone]

Ben Heath        

 

END

 

 

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