SIRIUS REAL ESTATE
LIMITED
(Incorporated
in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
8 April 2024
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius Real Estate completes over €100
million of acquisitions and disposes of U.K.
asset
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.,
has completed on four previously announced notarised acquisitions
in Germany and the U.K., totalling over €100 million in aggregate.
These include: Vantage Point Business Village in Gloucestershire,
U.K., which has been acquired for £48.25 million (€56.4 million); a
business park in Köln, which has been acquired for €20.0 million
(£17.2 million); a multi-tenanted business park in Göppingen, which
has been acquired for €19.8 million (£17.0 million); and an
industrial park and adjacent land parcel in Klipphausen, near
Dresden, which has been acquired for €13.75 million (£11.8
million).
In total, the acquisitions will add more than
1.5 million sq ft (139,000 sqm) of primarily industrial space to
the Group's BizSpace portfolio, and just under 72,000 sqm of
predominantly industrial space to the Group's German portfolio. The
acquisitions have been made using the proceeds of November's €165
million (£147 million) capital raise.
All four of these assets are situated in highly
desirable micro-locations and benefit from good transport networks
and connectivity. They are also all located in close proximity to
other Sirius or BizSpace sites, with the Köln business
park to be the fourth asset owned and operated by the Company in
and around Köln, and the Göppingen site to be the tenth asset in
the area surrounding Stuttgart, enabling the Company to leverage a
number of operational synergies with existing sites alongside its
local market expertise.
Separately, the Company announces that it has
completed on the disposal of a light industrial asset in
Stoke-on-Trent, U.K., for £3 million. The asset, which
comprises just over 55,097 sq ft (c. 5,118
sqm) of industrial space, was sold at a 1% premium to
the last reported book value and was deemed non-core to the
business going forwards.
Andrew Coombs,
Chief Executive Officer of Sirius Real Estate,
commented: "These acquisitions present the
Company with a number of value-add opportunities to grow income and
value across four strategic locations in Germany and the U.K. where
we already have an established presence. Acquired at
attractive yields, these assets align well with our strategy of
curating a range of flexible out-of-town business and
industrial products that we expect to appeal to the local market,
with the Gloucestershire acquisition expected to be
particularly transformational for our BizSpace
platform. Additionally, the strategic
disposal of the Stoke site, which was achieved at a modest premium
to book value, allows us to crystallise returns from this asset
which we will look to recycle into new opportunities.
"We are continuing to make good progress on our
acquisition pipeline, following six months of active
investments in both Germany and the U.K.,
and are in advanced discussions on additional opportunities,
leaving us well placed to support the continued long-term growth of
the Group."
For further
information:
Sirius Real
Estate
Andrew Coombs, CEO / Chris Bowman,
CFO
+49 (0) 30 285 010 110
FTI
Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia
Shirion/ Millie James
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
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 U.K. As of 30 September 2023,
the Group's portfolio comprised 139 assets let to 9,248 tenants
with a total book value of over €2 billion, generating a total
annualised rent roll of €184.2 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 and BizSpace names 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 refinance or dispose of assets selectively 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.
For more information, please
visit: www.sirius-real-estate.com
Follow us on LinkedIn
at https://www.linkedin.com/company/siriusrealestate/
Follow us on X (Twitter) at
@SiriusRE
JSE Sponsor
PSG Capital
