REG - Sirius Real Estate - EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY

Sirius Real EstateAnnouncement

06/10/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221006:nRSF9428Ba&default-theme=true

RNS Number : 9428B  Sirius Real Estate Limited  06 October 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

 

 

6 October 2022

Sirius Real Estate Limited

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

 

EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY

Sirius Real Estate, the leading owner and operator of branded business and
industrial parks providing conventional and flexible workspaces in Germany and
the UK, is pleased to announce that it has completed the early refinancing of
the Company's next major debt expiry, a €170 million facility with Berlin
Hyp AG, approximately one year in advance of the facility's due date.

 

The refinancing comprises a new 7-year, €170 million facility at a fixed
interest rate of 4.26%, which will replace and redeem the existing facility
upon its expiry on 31 October 2023.

 

As of 30 September 2022, the Group had a total of €993 million of
outstanding debt, €750 million of which is unsecured. The remaining
€243 million comprised mortgage-backed debt, of which the most significant
tranche is the newly refinanced €170 million Berlin Hyp AG facility
referred to above.

 

This refinancing facility extends the Group's total weighted average debt
expiry from 3.8 years to 5.0 years. When the new facility commences just over
a year from now, the Group's weighted average cost of debt will increase from
1.4% to 1.9%.

 

The Company has €1.6 billion of unencumbered assets and in excess of €138
million of free cash available. Within the next 12 months, Sirius has a total
of €35 million of debt expiring, which it is confident of either extending
terms with the existing lenders, replacing with new lenders or paying down.

 

Commenting on these transactions, Alistair Marks, Chief Investment Officer and
Interim CFO of Sirius Real Estate, said: "The willingness of Berlin Hyp AG to
extend this €170 million facility now for seven years beyond its expiry in
October 2023 is indicative of our relationship with our existing and longest
standing financiers in Germany and the confidence that they have in our
business model and the quality of our assets. We have a strong balance sheet
which is well positioned to provide us with flexibility to react to changing
market conditions and opportunities as they arise."

 

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 €2 billion, generating a
total annualised rent roll of €167.1 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
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
(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 Twitter at @SiriusRE

 

JSE Sponsor

PSG Capital

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUVSNRURURRAA