UK Acquisitions Update

Sirius Real Estate Limited

27 July 2023

 

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

27 July 2023

Sirius Real Estate Limited

("Sirius Real Estate", "Sirius" or the "Company")

UK ACQUISITIONS UPDATE

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K., is pleased to announce that BizSpace, its UK subsidiary, has exchanged contracts to acquire a portfolio of 2 mixed use industrial assets. The two assets are located in Liverpool and Barnsley with a combined area of 71,957 sq ft of predominantly workshop accommodation. The purchase price of £9.5m represents a net initial yield ("NIY") of 9.6% (total acquisition cost).

These acquisitions follow on from the previously announced Camberwell and Ipswich disposals, which were sold at a combined premium to book value.

The sale illustrates the Company's continued focus on recycling capital from mature highly valued assets into those with potential which would benefit from the Company's active asset management platform.

Commenting on these transactions, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: "It is pleasing to see the execution of our asset recycling strategy, by being able to redeploy capital from assets that were sold at a premium to book value into immediately income enhancing acquisitions that can benefit substantially from future asset management initiatives."

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Alistair Marks, CIO and Interim CFO

[phone]

FTI Consulting (Financial PR)

Richard Sunderland / James McEwan / Talia Shirion

[phone]

[e-mail] 

NOTES TO EDITORS

About Sirius Real Estate

Sirius is a property company listed on the main and premium market of the London Stock Exchange and the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK. As of 31 March 2023, the Group's portfolio comprised 140 assets let to 9,201 tenants with a total book value of over €2.1 billion, generating a total annualised rent roll of €178.3 million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with clients of AXA IM Alts.

The Company's strategy centres on acquiring business parks at attractive yields and integrating them into its network of sites - both under the Sirius name and alongside a range of branded products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to the local market via intensive asset management and investment and may then choose to selectively refinance or dispose of assets once they meet maturity, to release capital for new investment. This active approach allows the Company to generate attractive returns for shareholders through growing rental income, improving cost recoveries and capital values, and enhancing returns through securing efficient financing terms. The Company has a strong track record for growing its income and has delivered like-for-like rent roll growth in excess of 5% for the last nine consecutive years.

For more information, please visit: www.sirius-real-estate.com

Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/

Follow us on Twitter at @SiriusRE

JSE Sponsor

PSG Capital

 

END