Funding Update

RNS Number : 5105T

Sirius Real Estate Limited

14 December 2012

 



Sirius Real Estate Limited

("Sirius" or "the Company")

Funding Update and Notice of Results

Sirius Real Estate Limited is pleased to confirm that it has agreed an extension on its existing loan facility with ABN AMRO ("ABN") to allow the Company time to repay the loan in conjunction with the sale of non core and mature properties secured under the facility. At the time of this announcement, the outstanding balance on the ABN facility is €80.6 million. The loan is being extended to 30 June 2013 and is subject to being part paid down to agreed levels by 15 January 2013 and 15 April 2013.

As previously stated, the strategy for paying down the loan will be achieved through a combination of disposing and refinancing the properties secured under this facility. The progress made on this plan to date is as follows:

·     Since the disposals programme began a year ago, two sites and six parcels of land or buildings which form part of the portfolio financed by ABN have been sold or notarised. These disposals will generate proceeds of €13.6m of which €11.1m will be repaid to ABN.

·     We are in exclusive discussions with a bank to refinance three of the ABN financed assets along with two unencumbered assets. 

·     The Group's management has been active in marketing the remaining 11 properties within the ABN facility and the interest for these assets is encouraging.

Now that the borrowing arrangements with ABN have been agreed, the Company will be announcing its half year results, for the six months ending 30 September 2012, on Monday 17^th December 2012.

Enquiries:

Sirius                         

Andrew Coombs, CEO                                                                       [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                                      020 7418 8900

Alex Vaughan

Cardew Group                                             

Tim Robertson                                                                                                020 7930 0777 

Georgina Hall

 

END

 

 

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