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

Sirius Real EstateAnnouncement

30/05/2023 07:15

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RNS Number : 8977A  Sirius Real Estate Limited  30 May 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

 

30 May 2023

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 U.K., is pleased to announce that on 26 May 2023 it
completed the early refinancing of the Company's next major debt expiry,
a €58.3 million facility with Deutsche Pfandbriefbank, seven months in
advance of the facility's due date.

 

The refinancing comprises a new 7-year, €58.3 million facility with an
all-in fixed interest rate of 4.25%, which will replace and redeem the
existing facility upon its expiry on 31 December 2023 and will run until
December 2030.

 

As at 31 March 2023, the Group has a total of €975.1 million of
outstanding debt, €735.0 million of which is unsecured. The
remaining €240.1 million comprises mortgage-backed debt, of which the
most significant tranches are the refinanced €170 million Berlin Hyp AG
facility which was announced in October 2022 more than one year ahead of its
maturity on 31 October 2023 and the €58.3 million facility referred to
above. The €170 million Berlin Hyp AG facility will run for 7 years
expiring on 31 October 2030.

 

This refinancing facility extends the Group's total weighted average debt
expiry from 3.3 years to 5.0 years. When the new facility commences on 1
January 2024, the Group's weighted average cost of debt will increase from
1.4% to 2.1%.

 

The Company has €1.6 billion of unencumbered assets and in excess
of €124 million of free cash available (including customer deposits as at
31 March 2023). Within the next 12 months, Sirius has a total of €20
million of debt expiring, which it is confident of either extending terms
with the existing lenders or replacing with new lenders. The Company has a
total of €49.3 million of debt expiring within the next three years.

 

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 / Sebastian Duran de Huerta

+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.

JSE Sponsor

PSG Capital

 

 

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