Sirius Real Estate Limited UK Acquisitions Update (3126H)
27 Luglio 2023 - 8:00AM
UK Regulatory
TIDMSRE
RNS Number : 3126H
Sirius Real Estate Limited
27 July 2023
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
27 July 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
UK ACQUISITIONS UPDATE
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., is pleased to announce
that BizSpace, its UK subsidiary, has exchanged contracts to
acquire a portfolio of 2 mixed use industrial assets. The two
assets are located in Liverpool and Barnsley with a combined area
of 71,957 sq ft of predominantly workshop accommodation. The
purchase price of GBP9.5m represents a net initial yield ("NIY") of
9.6% (total acquisition cost).
These acquisitions follow on from the previously announced
Camberwell and Ipswich disposals, which were sold at a combined
premium to book value.
The sale illustrates the Company's continued focus on recycling
capital from mature highly valued assets into those with potential
which would benefit from the Company's active asset management
platform.
Commenting on these transactions, Andrew Coombs, Chief Executive
Officer of Sirius Real Estate, said : "It is pleasing to see the
execution of our asset recycling strategy, by being able to
redeploy capital from assets that were sold at a premium to book
value into immediately income enhancing acquisitions that can
benefit substantially from future asset management
initiatives."
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 2023, the Group's
portfolio comprised 140 assets let to 9,201 tenants with a total
book value of over EUR2.1 billion, generating a total annualised
rent roll of EUR178.3 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 nine 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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END
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