RCS - Sirius Real Estate - Sirius acquires Earl Mill Business Park for £5.7m

Sirius Real EstateAnnouncement

05/02/2025 13:00

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RNS Number : 0511W  Sirius Real Estate Limited  05 February 2025

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

 

5 February 2025

Sirius Real Estate Limited

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

 

Sirius acquires Earl Mill Business Park for £5.7 million

 

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., has acquired the Earl Mill business park in Oldham in
the United Kingdom, for £5.7 million. This is the second acquisition the
Company has made this year, following the recent purchase of the Reinsberg
business park in Dresden, with the two properties being bought at a blended
EPRA NIY of 7.95%. Together they have a combined vacancy of 26% which provides
14,000 sqm of opportunity from which Sirius can add value by utilising its
management platforms in Germany and the U.K.

 

Earl Mill is a multi-let business park offering a mixture of warehouse and
office space, which Sirius will operate under its BizSpace brand. The purchase
price represents an EPRA NIY of 13.9%, and the property offers 174,000 sq ft
of lettable space, 71% of which is warehouse space and 29% office space,
generating a Net Operating Income (NOI) of £844,000 per annum from 95%
occupancy.

 

The 3.8 acre site includes car parking for 300 cars and also has the potential
for future value creation through leasing of vacant space, improvements to the
property's environmental ratings and future development.

 

Earl Mill is also located close to BizSpace's Hollinwood site in Oldham and
will benefit from the Company's existing presence in the area and knowledge of
the local market.

 

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "Our
acquisition of Earl Mill in Oldham generates day one income and offers further
significant potential to improve rental tone and develop new revenue streams
through improvements to the site. Our BizSpace portfolio continues to benefit
from the strength and asset management capability of the Sirius platform and,
building on the momentum we have achieved so far in 2024, we already have a
healthy pipeline of acquisition opportunities in Germany and the U.K. for this
year."

 

ENDS

 

 

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Chris Bowman, CFO

+44 (0) 20 3059 0855

 

FTI Consulting (Financial PR)

Richard Sunderland / Ellie Sweeney / James McEwan

+44 (0) 20 3727 1000

SiriusRealEstate@fticonsulting.com

 

NOTES TO EDITORS

 

About Sirius Real Estate

Sirius is a property company listed on the equity shares (commercial
companies) category of the London Stock Exchange and the premium segment of
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 U.K. As of 30 September 2024, the
Group's owned portfolio comprised 145 assets let to 10,025 tenants with a
total book value of €2.4 billion, generating a total annualised rent roll of
€214 million. Sirius also holds a 35% stake in Titanium, its €350+ 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
and BizSpace names 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 refinance or dispose of assets selectively 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.

 

For more information, please visit: www.sirius-real-estate.com
(http://www.sirius-real-estate.com/)

 

Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
(https://www.linkedin.com/company/siriusrealestate/)

 

Follow us on X (Twitter) at @SiriusRE

 

JSE Sponsor

PSG Capital

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