REG - Sirius Real Estate - Sirius Real Estate appoints CIO and new CFO

Sirius Real EstateAnnouncement

31/01/2022 07:00

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RNS Number : 0580A  Sirius Real Estate Limited  31 January 2022

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: ISIN GG00B1W3VF54

31 January 2022

Sirius Real Estate Limited

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

SIRIUS APPOINTS A Chief Investment Officer (CIO) AND A NEW Chief Financial
Officer (CFO) AS IT PREPARES FOR CONTINUED GROWTH

Alistair Marks appointed to CIO and Diarmuid Kelly appointed to CFO

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, announces two changes of roles within its senior
management team.

Alistair Marks, current Chief Financial Officer, will be taking up the newly
created role of Chief Investment Officer ("CIO"), while Diarmuid Kelly,
current Group Finance Director, will join the Company's board of directors as
Chief Financial Officer ("CFO"). Alistair Marks will continue to be a member
of the Company's board.

These two appointments, together with the creation of the role of Chief
Operations Officer ("COO") and Chief Marketing and Impact Officer ("CMIO") in
2021, complete a restructuring of the senior management team to reflect the
significant expansion of the business in recent years, including the Company's
entry into the UK market with the acquisition of BizSpace in November 2021.
The appointments also provide a strong framework to enable Sirius to achieve
its ambitions for future growth and the continued development of its platform.
Both appointments will become effective on 1 February 2022.

Alistair Marks joined Sirius in January 2007 and took the Company through its
IPO in 2007. Since then, he has been responsible for the financial management
of the Group, its capital structure and all investment activity and, prior to
the creation of the COO role, was responsible for asset level operations.
During his tenure, the Company's capital structure has been transformed to
include corporate debt, whilst a series of capital investment programmes have
resulted in significant income and capital value creation.

In his new role as CIO, Alistair will focus on the Group's investment
activity, covering acquisitions, disposals and capex investment programmes,
utilising his significant experience in the industrial, office and business
parks sector, as well as deep operational experience and expertise to identify
and execute on a wide range of opportunities that unlock value for the Group.

Having been with the Group since 2015, and after serving as Group Finance
Director, Diarmuid Kelly has been appointed to CFO. Diarmuid has worked
directly alongside Alistair for more than six years and, as the Group has
grown, has taken on additional responsibilities relating to the Group's audit
and financial processes, as well as debt financing and investor relations
activities. Diarmuid has over 18 years' experience in financial management
within the professional services, investment management and sovereign wealth
fund sectors including as Head of Financial Control, Hospitality, Real Estate
at the Abu Dhabi Investment Authority. Diarmuid has a Master's degree in
International Management from the University of Exeter and is a Fellow Member
of the Association of Chartered Certified Accountants (FCCA).

Commenting on the appointments, Andrew Coombs, Chief Executive Officer of
Sirius Real Estate, said: "Over the past few years, and in spite of the
pandemic, Sirius has continued to perform well operationally and also to grow.
This has been achieved through a combination of direct acquisitions and asset
management, as well as through our Titanium joint venture with AXA IM Alts
and, most recently, via our entry into the UK with the acquisition of
BizSpace. Our new management structure ensures we have the right people in the
right roles to further enable us to achieve our goals and continue to grow our
platform.

 

"Both Alistair and Diarmuid have been with the business for a significant
amount of time and have continually outperformed in terms of delivering on
their objectives. The role of CIO allows Alistair to focus on growing our
portfolio by utilising his long standing and market leading expertise in the
industrial and business parks sector. At the same time, Diarmuid has been
responsible for extensive parts of the Group's finances for some time, working
closely alongside Alistair, and is the obvious candidate to take ownership of
the business critical aspects of the Group's financial operations. I am
delighted with Alistair agreeing to take on his new role, for which he is
supremely qualified, and I would like to congratulate Diarmuid on his well
deserved appointment to the board as CFO."

 

The announcement has been made in accordance with requirements of the Listing
Rule 9.6.11R of the Listing Rules published by the Financial Conduct Authority
(the "Listing Rules").

No further disclosures are required under LR 9.6.13R of the Listing Rules with
respect to this appointment.

Diarmuid and any 'persons closely associated' with him, have a beneficial
interest in 292,257 ordinary shares of no par value in the Company.

 

- ENDS -

 

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Alistair Marks, CFO

+49 (0) 30 285010110

FTI Consulting (Financial PR)

Richard Sunderland / Claire Turvey / 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 market and premium segment of
the London Stock Exchange and the main board of the JSE Limited.  It is a
leading operator of branded business parks providing conventional space and
flexible workspace in Germany and the UK. The Company's purpose is to create
and manage optimal workspaces that empower small and medium-sized businesses
to grow, evolve and thrive. Sirius seeks to unlock the potential of its
people, its properties, and the communities in which it operates, so that
together we can create sustainable impact, and long-term financial and social
value.

The Company's core strategy is the acquisition of business parks at attractive
yields, the integration of these business parks into its network of sites
under the Company's own name as well as offering a range of branded products
within those sites, and the reconfiguration and upgrade of existing and vacant
space to appeal to the local market, through intensive asset management and
investment. The Company's strategy aims to deliver attractive returns for
shareholders by increasing rental income and improving cost recoveries and
capital values, as well as by enhancing those returns through financing its
assets on favourable terms. Once sites are mature and net income and values
have been optimised, the Company may take the opportunity to refinance the
sites to release capital for investment in new sites or consider the disposal
of sites in order to recycle equity into assets which present greater
opportunity for the asset management skills of the Company's team.

Sirius also has a venture with clients represented by AXA IM Alts. Titanium
was originally formed in 2019 through the acquisition by AXA IM Alts, on
behalf of its clients, from Sirius, of a 65% stake in five business parks
across Germany. Sirius retained the remaining 35%. The venture has added
significantly to its portfolio and continues to seek to grow primarily through
the acquisition of larger stabilised business park assets and portfolios of
assets with strong tenant profiles and occupancy. As well as its equity
interest, Sirius acts as operator of the assets in the venture, on a fee
basis. The strategy of the venture has been clearly defined so that the
venture does not conflict with Sirius's existing business, which continues to
focus on the acquisition of more opportunistic assets for its wholly owned
portfolio, where it can capitalise on its asset management expertise to
maximise utilisation of the space, grow occupancy and improve quality of the
tenants.

In November 2021, Sirius Real Estate announced and completed the acquisition
of BizSpace, a leading provider of regional flexible workspace in the UK.
BizSpace offers light industrial, workshop, studio and out of town office
units to a wide range of businesses across the UK and the acquisition
therefore provided Sirius with a unique opportunity to enter, immediately and
with scale, an under-served new market for Sirius through a one-step
acquisition of an established platform. It provides the Group with a
high-quality portfolio, offering significant organic growth potential in
rental pricing in a UK market characterised by supply constraints. The
BizSpace business is also highly complementary to Sirius' existing platform,
allowing for meaningful operational and financial synergies to drive value
creation for Sirius shareholders.

For more information, please visit: www.sirius-real-estate.com

Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/

Follow us on Twitter at @SiriusRE

JSE Sponsor

PSG Capital

 

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