REG - Sirius Real Estate - SIRIUS COMPLETES £16M SALE OF BIZSPACE CAMBERWELL

Sirius Real EstateAnnouncement

07/07/2022 07:17

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RNS Number : 5914R  Sirius Real Estate Limited  07 July 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 July 2022

Sirius Real Estate Limited

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

SIRIUS COMPLETES £16 MILLION SALE OF BIZSPACE BUSINESS PARK IN LONDON

Sirius Real Estate, the leading owner and operator of branded business and
industrial parks providing conventional space and flexible workspace in
Germany and the UK, advises that, further to the announcement published on RNS
and SENS on 16 May 2022, it has completed the disposal of BizSpace Camberwell
in London for £16 million.

 

The sale price represents a net initial yield of approximately 2.0% and a 94%
premium to the value at the time of the Company's acquisition of BizSpace in
November 2021. The purchase of BizSpace enabled Sirius to enter the UK market
for the first time through the platform acquisition of this leading provider
of regional light industrial, workshop, studio and out-of-town office units.

 

The multi-tenanted Camberwell business park comprised 34,700 sq. ft. of
industrial and office space and was 91% occupied following a series of asset
management measures delivered through the BizSpace platform.

 

Commenting on the transaction, Andrew Coombs, Chief Executive Officer of
Sirius Real Estate, said: "The disposal of this asset demonstrates our ability
to utilise the expertise within the Sirius and BizSpace platforms to identify,
asset manage and crystallise value in our portfolios. As part of our ongoing
portfolio management programme, we are progressing a small number of further
sales in the UK and Germany, capturing the value we have created and allowing
us to reduce our leverage post the BizSpace acquisition and also recycle
capital into asset managing value within, or adding to, our portfolios.
BizSpace continues to perform well, benefiting from its integration into the
group and from a strengthened management team."

 

- ENDS -

 

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Diarmuid Kelly, CFO / Alistair Marks, CIO
+49 (0) 30 285010110

 

FTI Consulting (Financial PR)

Richard Sunderland / James McEwan / Talia Jessener

+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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