Update on funding and disposals

RNS Number : 0604F

Sirius Real Estate Limited

20 May 2013

 



Sirius Real Estate Limited

("Sirius" or "the Company")

RBS Loan Extension, Further Disposals and Notice of Results

Sirius, the real estate company with a portfolio of mixed-use business parks across Germany, providing modern, flexible workspace is pleased to announce that ABN AMRO Bank, a part of Royal Bank of Scotland (hereafter 'RBS'), have agreed to extend the repayment of their outstanding loan of €43.3m to 28th June 2013. The original loan of €91.2m was previously due to be repaid in October 2012 and had been extended initially up until the end of April 2013 with a provision to extend to 28^th June 2013 subject to a set of hurdle provisions. Sirius has reduced the loan balance down to €43.3 million and with a further €16.8 million of RBS related disposals under notarisation which will take it down to €26.5m, RBS have now granted the extension to June 28^th 2013.

The reduction in the loan balance from €49.2m as at 21 March 2013 to €43.3 million includes the  recently completed disposal of Sirius Leinfelden for €5.25 million which is a 2.5% discount to the September 2012 DTZ valuation. The €16.8 million of further notarisations include the sale of Sirius Regensburg for €6.35m,  a 3% discount to the September 2012 DTZ valuation.

The Company is planning to repay the remaining loan balance using cash generated from further disposals of non-core assets as well as through a refinancing programme.

The Company is looking forward to announcing its full year results for the 12 months to 31 March 2013 on 17 June 2013. The results are expected to show a significant improvement in recurring profit before tax* on the prior year and will be ahead of market expectations.

*Excluding property revaluation, change in fair value of derivative financial instruments and costs relating to the RBS extension agreement.

Enquiries:

Sirius                          

Andrew Coombs, CEO                                                                          [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                               [phone]

Novella Communications                                    

Tim Robertson                                                                                         [phone]

Ben Heath        

 

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