REG - Sirius Real Estate - Fitch reaffirms Sirius' BBB credit rating

Sirius Real EstateAnnouncement

04/11/2024 07:00

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RNS Number : 7813K  Sirius Real Estate Limited  04 November 2024

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

 

04 November 2024

Sirius Real Estate Limited

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

 

FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING AND STABLE OUTLOOK

 

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 Fitch Ratings has reaffirmed the
Company's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at
BBB, with a 'Stable Outlook'.

 

In explaining its rating decision, Fitch highlighted the high yielding nature
of the Company's assets, its resilient occupancy and rental growth due to
active asset management, as well as the affordability of the Company's rents.
Fitch also noted Sirius' ability to utilise its in-house digital platform to
attract tenants, secure viewings and promote occupancy, while referencing the
Company's enhanced financial profile, with net debt/EBITDA improving to 6.0x
at FYE24 (financial year to end-March).

 

Sirius will announce its half year results for the six months ended 30
September 2024 on Monday 18 November 2024.

 

Chris Bowman, Chief Financial Officer at Sirius Real Estate, said: "Fitch's
decision to reaffirm Sirius' investment grade credit rating at BBB is another
positive endorsement of the strength of our operating platform, the quality of
our portfolio, as well as the resilience and growth potential of our rental
income."

 

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 31 March 2024, the Group's
portfolio comprised 142 assets let to 9,654 tenants with a total book value of
over €2 billion, generating a total annualised rent roll of €194.7
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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