Sirius Real Estate Limited Notice of Trading Update (6567U)
April 01 2019 - 4:30AM
UK Regulatory
TIDMSRE
RNS Number : 6567U
Sirius Real Estate Limited
01 April 2019
01 April 2019
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
Notice of trading update
Sirius Real Estate, the leading operator of branded business
parks providing conventional space and flexible workspace in
Germany, will announce a trading update at 07.00 on Monday, 08
April 2019.
A conference call for analysts will be held at 09.00 on the day
of the announcement. If you wish to dial in, please email
james.verstringhe@tavistock.co.uk for details.
For further information:
Sirius Real Estate
Andrew Coombs, CEO/Alistair Marks, CFO
Tel: +49 (0)30 285010110
Tavistock (Financial PR)
Jeremy Carey/James Verstringhe
Tel: +44 (0)20 7920 3150
Email: siriusrealestate@tavistock.co.uk
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 Johannesburg Stock Exchange. It is a leading operator of
branded business parks providing conventional space and flexible
workspace in Germany. 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.
On 1 March 2019, Sirius announced that, in a transaction
anticipated to complete in June 2019, it had formed a real estate
investment joint venture with clients represented by AXA Investment
Managers - Real Assets in which AXA acting on behalf of its
clients, will own a 65% interest and Sirius will own the balance of
35%. The JV is called Titanium. The JV will initially be formed by
AXA acquiring, on behalf of its clients, from Sirius a 65% stake in
five SPVs through which it currently owns two business parks
located in Berlin (Berlin Borsig and Berlin Tempelhof) and one in
each of Mainz, Nurnberg and Bayreuth. The business parks provide a
combination of office, warehouse, industrial and storage space. The
implied property value of EUR168 million equates to a gross yield
for the portfolio of 6.2% and reflects a premium to the last
reported book value as at 30 September 2018 which was EUR141.1
million. Total cash commitment from AXA IM - Real Assets amounts to
EUR43.9 million. The transaction is expected to generate total cash
proceeds of more than EUR70 million for Sirius after refinancing
and expected related costs.
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
LEI: 213800NURUF5W8QSK566
JSE Sponsor
PSG Capital
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END
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