Sirius Real Estate Limited FITCH REAFFIRMS SIRIUS' BBB INVESTMENT RATING (5572F)
07 Novembre 2022 - 3:30PM
UK Regulatory
TIDMSRE
RNS Number : 5572F
Sirius Real Estate Limited
07 November 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
7 November 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the
"Company")
FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING WITH
STABLE OUTLOOK
Sirius Real Estate, the leading owner and operator of branded
business and industrial parks providing conventional and flexible
workspaces in Germany and the UK, announces that Fitch Ratings has
reaffirmed the Company's BBB investment grade rating with 'Stable
Outlook' (Long-Term Issuer Default Rating). This rating comes ahead
of the Company's half year results, which will be announced on 21
November 2022.
In its rating, Fitch noted that it expects income to remain
stable due to an active focus on occupancy and low affordable rents
for the Company's out-of-town locations. It also highlighted the
benefits of the Sirius operating platform and the resilience of its
core, high-yielding portfolio, which were evidenced by the high
levels of occupancy rates in Sirius's German (84.2%) and UK (90.5%)
portfolios, as well as the solid rent collection rates achieved
during the COVID-19 pandemic (Germany: 98%; UK: 99.3%). Fitch
anticipates that total average portfolio occupancy levels will
remain above 80%.
Fitch also highlighted Sirius' in-house digital sales and
marketing capability which minimises the reliance on third party
brokers.
Sirius CIO and Interim CFO, Alistair Marks, commented: "
Retaining our investment-grade rating in today's challenging market
environment is testament to the resilience and flexibility of our
portfolio, the digital tools we have created to source and attract
tenants for our assets and the benefits of our asset management
model. This rating will allow us to continue to optimise and
diversify our funding structure and is a further endorsement of the
strength of our platform, following shortly after our recent
refinancing of our EUR170 million Berlin Hyp AG facility, a year in
advance of the end of its term."
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CIO and Interim CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion
+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 UK. As of 31 March 2022, and following
the acquisition of BizSpace, a leading UK provider of regional
flexible workspace, the Group's portfolio comprised 140 assets let
to 9,452 tenants with a total book value of over EUR2 billion,
generating a total annualised rent roll of EUR167.1 million. Sirius
also holds a 35% stake in Titanium, its EUR350+ 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 name 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
selectively refinance or dispose of assets 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. The Company has a strong track record for growing its income
and has delivered like-for-like rent roll growth in excess of 5%
for the last eight consecutive years.
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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