TIDMSRE
RNS Number : 0965W
Sirius Real Estate Limited
16 August 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 August 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
CHANGE OF CHIEF FINANCIAL OFFICER ("CFO")
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 a change of
CFO.
Following the birth of his first child, Diarmuid Kelly, CFO will
be taking 12 months paternity leave from September 22nd. Diarmuid
has indicated his intention to return to his role within Sirius
Facilities GmbH as Group FD in September 2023. He has now left his
role as CFO of Sirius Real Estate and Alistair Marks, Chief
Investment Officer ("CIO") and former CFO, has agreed to step in as
interim CFO.
The Board will ensure Alistair has the necessary support to
resume leadership of the finance function and that plans are in
place to back up his current CIO role during this time. The Company
will shortly begin a search for a new CFO of Sirius Real
Estate.
Commenting on the change, Andrew Coombs, Chief Executive Officer
of Sirius Real Estate, said:
"I would like to congratulate Diarmuid Kelly on the birth of his
first child and wish him all the best over the next twelve
months."
"I would also like to thank Alistair Marks for stepping back
into the CFO role, for which he has fifteen years' experience which
is testimony to Sirius's breadth and depth of senior management
experience."
The announcement has been made in accordance with requirements
of the Listing Rule 9.6.11R of the Listing Rules published by the
Financial Conduct Authority (the "Listing Rules").
- ENDS -
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CFO
+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 originally formed in 2019 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 has added significantly to
its portfolio and continues to seek 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. The strategy of the venture has
been clearly defined so that the venture does not conflict with
Sirius's existing business, which continues to focus on the
acquisition of more opportunistic assets for its wholly owned
portfolio, where it can capitalise on its asset management
expertise to maximise utilisation of the space, grow occupancy and
improve quality of the tenants.
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 enter, immediately and with scale, an
under-served new market for Sirius through a one-step acquisition
of an established platform. It provides the Group 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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