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
Follow us on LinkedIn
at https://www.linkedin.com/company/siriusrealestate/
Follow us on X (Twitter) at
@SiriusRE
JSE Sponsor
PSG Capital
