TIDMSRE
RNS Number : 5304L
Sirius Real Estate Limited
16 May 2022
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
16 May 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
SIRIUS AGREES GBP16 MILLION SALE OF BIZSPACE BUSINESS PARK IN
LONDON
Sirius Real Estate, the leading owner and operator of branded
business and industrial parks providing conventional space and
flexible workspace in Germany and the UK, announces that it has
agreed the sale of an asset in Camberwell, London, for GBP16
million representing a NIY of c. 2.0%.
The asset formed part of the portfolio Sirius acquired in
November 2021 with its purchase of BizSpace, the leading provider
of regional light industrial, workshop, studio and out of town
office units across the UK. The sale price represents a 94% premium
to the valuation at the time of Sirius' acquisition of
BizSpace.
The multi-tenanted business park, which comprises approx. 34,700
sq. ft. of industrial and office space, is 91% occupied following a
series of asset management measures delivered through the BizSpace
platform.
The sale is expected to complete in July 2022.
Commenting on the transaction, Andrew Coombs, Chief Executive
Officer of Sirius Real Estate, said: "This disposal is further
proof of the latent value in the BizSpace portfolio we acquired
late last year, the price being significantly ahead of last
September's valuation on which our purchase was based, and the
attractive sale follows our recent announcement that we had since
improved like-for-like rental income across the portfolio by 7.5%.
The sale will allow us to invest in new opportunities for BizSpace
in the UK as we continue to build our acquisition pipeline.
Bringing together the Sirius and BizSpace platforms, with a
strengthened management team at BizSpace, is already delivering
strong results and operational synergies that will enhance our UK
portfolio."
- ENDS -
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Diarmuid Kelly, CFO / Alistair Marks,
CIO
+49 (0) 30 285010110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Jessener
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the main market and
premium segment of the London Stock Exchange and the main board of
the JSE Limited. It is a leading operator of branded business parks
providing conventional space and flexible workspace in Germany and
the UK. The Company's purpose is to create and manage optimal
workspaces that empower small and medium-sized businesses to grow,
evolve and thrive. Sirius seeks to unlock the potential of its
people, its properties, and the communities in which it operates,
so that together we can create sustainable impact, and long-term
financial and social value.
The Company's core strategy is the acquisition of business parks
at attractive yields, the integration of these business parks into
its network of sites under the Company's own name as well as
offering a range of branded products within those sites, and the
reconfiguration and upgrade of existing and vacant space to appeal
to the local market, through intensive asset management and
investment. The Company's strategy aims to deliver attractive
returns for shareholders by increasing rental income and improving
cost recoveries and capital values, as well as by enhancing those
returns through financing its assets on favourable terms. Once
sites are mature and net income and values have been optimised, the
Company may take the opportunity to refinance the sites to release
capital for investment in new sites or consider the disposal of
sites in order to recycle equity into assets which present greater
opportunity for the asset management skills of the Company's
team.
Sirius also has a venture with clients represented by AXA IM
Alts. Titanium was formed through the acquisition by AXA IM Alts,
on behalf of its clients, from Sirius, of a 65% stake in five
business parks across Germany. Sirius retained the remaining 35%.
The venture seeks to grow primarily through the acquisition of
larger stabilised business park assets and portfolios of assets
with strong tenant profiles and occupancy. As well as its equity
interest, Sirius acts as operator of the assets in the venture, on
a fee basis. Sirius will continue to grow its wholly owned
portfolio through acquisitions of more opportunistic assets, where
it can capitalise on its asset management expertise to maximise
utilisation of the space, grow occupancy and improve quality of the
tenants. The strategies have been clearly defined so that the
venture does not conflict with Sirius's existing business.
In November 2021, Sirius Real Estate announced and completed the
acquisition of BizSpace, a leading provider of regional flexible
workspace in the UK. BizSpace offers light industrial, workshop,
studio and out of town office units to a wide range of businesses
across the UK and the acquisition therefore provided Sirius with a
unique opportunity to immediately enter, with scale, an
under-served new market through a one-step acquisition of an
established platform. It provides Sirius with a high-quality
portfolio, offering significant organic growth potential in rental
pricing in a UK market characterised by supply constraints. The
BizSpace business is also highly complementary to Sirius' existing
platform, allowing for meaningful operational and financial
synergies to drive value creation for Sirius shareholders.
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
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END
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