REG - Sirius Real Estate - FITCH REAFFIRMS SIRIUS’ BBB INVESTMENT RATING

Sirius Real EstateAnnouncement

07/11/2022 14:30

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RNS Number : 5572F  Sirius Real Estate Limited  07 November 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

 

 

7 November 2022

Sirius Real Estate Limited

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

 

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

 

Sirius Real Estate, the leading owner and operator of branded business and
industrial parks providing conventional and flexible workspaces in Germany and
the UK, announces that Fitch Ratings has reaffirmed the Company's BBB
investment grade rating with 'Stable Outlook' (Long-Term Issuer Default
Rating). This rating comes ahead of the Company's half year results, which
will be announced on 21 November 2022.

 

In its rating, Fitch noted that it expects income to remain stable due to an
active focus on occupancy and low affordable rents for the Company's
out-of-town locations. It also highlighted the benefits of the Sirius
operating platform and the resilience of its core, high-yielding portfolio,
which were evidenced by the high levels of occupancy rates in Sirius's German
(84.2%) and UK (90.5%) portfolios, as well as the solid rent collection rates
achieved during the COVID-19 pandemic (Germany: 98%; UK: 99.3%). Fitch
anticipates that total average portfolio occupancy levels will remain above
80%.

 

Fitch also highlighted Sirius' in-house digital sales and marketing capability
which minimises the reliance on third party brokers.

 

Sirius CIO and Interim CFO, Alistair Marks, commented: "Retaining our
investment-grade rating in today's challenging market environment is testament
to the resilience and flexibility of our portfolio, the digital tools we have
created to source and attract tenants for our assets and the benefits of our
asset management model. This rating will allow us to continue to optimise and
diversify our funding structure and is a further endorsement of the strength
of our platform, following shortly after our recent refinancing of our €170
million Berlin Hyp AG facility, a year in advance of the end of its term."

 

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

 

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