REG - Sirius Real Estate - Sirius to acquire Reinsberg business park

Sirius Real EstateAnnouncement

04/02/2025 07:15

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RNS Number : 7448V  Sirius Real Estate Limited  04 February 2025

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 February 2025

Sirius Real Estate Limited

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

 

Sirius to acquire Reinsberg business park in Germany for €20.4 million

 

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 notarised the acquisition of a business park in
Reinsberg in Saxony, Germany, for €20.4 million.

 

The Reinsberg acquisition is 75% occupied, the majority of which is under a
10-year full repairing and insuring lease to the vendor, generating a rental
income of €1.5 million per annum. The 25% vacancy provides Sirius with an
opportunity to add value by utilising its management platform to lease up the
space, while having significant day one long term income. The purchase price
represents a 6% EPRA NIY after purchase costs.

 

The asset, completed in 2014, provides approximately 37,000 sqm of lettable
space, of which around 29,000 sqm (78.4%) is high quality industrial
production space, and has excellent connections to two major motorways in the
area. Its location close to the Klipphausen business park, which Sirius
acquired in February 2024, and another of the Company's parks in Dresden, will
allow Sirius to take advantage of operational synergies in the region to
enhance the assets' performance.

 

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "Our
first acquisition of the year at Reinsberg follows our significantly
oversubscribed €350 million bond issuance in January, and demonstrates both
the strength of our pipeline and our ability to transact quickly. The
acquisition takes advantage of a situation where we can add income and also
have an opportunity for significant value creation. The purchase shows how we
are able to leverage our platform to work with asset owners on partial sale
and leaseback transactions that help them better manage their balance sheets
while providing us with opportunities to enhance our portfolio."

 

ENDS

 

 

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 30 September 2024, the
Group's owned portfolio comprised 145 assets let to 10,025 tenants with a
total book value of €2.4 billion, generating a total annualised rent roll of
€214 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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