REG - Sirius Real Estate - Sirius completes two acquisitions

Sirius Real EstateAnnouncement

05/11/2024 07:00

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RNS Number : 8927K  Sirius Real Estate Limited  05 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

 

5 November 2024

Sirius Real Estate Limited

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

 

Sirius Real Estate acquires a £9 million U.K. industrial park and strategic
land parcel in Oberhausen, Germany

 

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., has completed the acquisition of a multi-let light
industrial park in Carnforth, Lancashire, for £9.05 million, representing an
11.4% net initial yield including acquisition costs. The park is just north of
Lancaster and is 3 miles from the M6 motorway with excellent connections to
Scotland and to the south.

 

The acquisition will add 172,152 sq ft of light industrial space to the
Group's U.K. portfolio, and has been made using proceeds of the recent capital
raise in July.

 

This freehold asset is fully let to eight tenants on FRI (full repairing and
insuring) leases. It produces a net operating income of £1.1 million per
annum at an average rate of £6.47 psf, with a WAULT of 5.6 years to expiry
(2.9 years to break). The site comes with planning permission for
approximately 35,000 sq ft of new industrial space.

 

In addition, Sirius has completed the €3 million acquisition of a circa
nine acre (35,894 sqm) strategic land parcel adjacent to its 77,600 sqm
Oberhausen multi-use business park in the Ruhr area of northwest Germany,
providing the opportunity to expand the park through a potential development.

 

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "We
are continuing to make good progress on our acquisition pipeline, following on
from 12 months of active investments in both Germany and the U.K. The
Carnforth acquisition presents the Company with a number of value-add
opportunities to utilise the Sirius platform to grow the income and value of
the asset. In addition, both Carnforth and the land that we have acquired
beside our Oberhausen site offer interesting development potential to add
further industrial space."

 

 

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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