RCS - Sirius Real Estate - BizSpace management change

Sirius Real EstateAnnouncement

28/02/2022 11:00

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RNS Number : 0192D  Sirius Real Estate Limited  28 February 2022

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: ISIN GG00B1W3VF54

 

28 February 2022

Sirius Real Estate Limited

("Sirius Real Estate", "Sirius", the "Group" or the "Company")

BizSpace management change

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, announces that, John Spencer, CEO of BizSpace, is
stepping down from the business.

Andrew Coombs, Chief Executive Officer of the Group, will assume the role of
interim CEO at BizSpace from 1 March 2022, until a permanent replacement has
been appointed, while continuing to oversee the integration of the two
businesses as Group CEO.

Having joined BizSpace in 2020, John helped grow the platform, while leading
it through the COVID-19 pandemic. He was also integral to the process that led
to the sale of the business to Sirius; a transaction which allowed the Company
to enter the U.K. market at scale and with a portfolio which offers
significant growth potential.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "John
has played a key role in the leadership of BizSpace, especially during the
pandemic. Following the successful sale of the business, John has decided the
time is right for him to step down. I would like to thank him for his
dedication to the business to date and for his help during our acquisition of
BizSpace, while wishing him every possible success for the future.

"We have exciting plans to grow the BizSpace platform in the U.K and are in
advanced stages of strengthening the existing senior team, bringing new
skillsets that will help us achieve our goals."

 

- ENDS -

 

For further information:

Sirius Real Estate

Andrew Coombs, CEO

+49 (0) 30 285010110

FTI Consulting (Financial PR)

Richard Sunderland / Claire Turvey / 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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