SIRIUS REAL ESTATE
LIMITED
(Incorporated
in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
17 December 2024
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius Real Estate acquires neighbouring
business park in Munich for €13.3 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 completed the acquisition of a development site in Munich,
immediately adjacent to the Company's Munich-Neuaubing business
park, for €13.3 million.
The site has been acquired at its land value
and represents an important strategic acquisition that allows the
Company to secure the final corner of a well-located 130,000 sqm
estate in the Bavarian capital, presenting it with a number of
value add and development options in the future.
Sirius has already been exploring potential
alternative development opportunities at the Munich- Neuaubing
site, which lies in a largely residential area, and this
acquisition will enhance the optionality available.
The new asset being acquired comes with day one
rent roll of approximately €740,000 per annum and the Company
envisions re-positioning the tenant base to maximise this income in
the short term whilst exploring development plans. The site
benefits from a highly desirable micro location, 10 miles from
Munich city centre and 1 mile off the A99 motorway, providing
excellent connectivity.
Andrew Coombs,
Chief Executive Officer of Sirius Real Estate,
commented: "This strategic acquisition offers
significant operational synergies as well as the
potential to unlock meaningful value when considered alongside our
existing adjacent Munich- Neuaubing business
park. With full ownership of this 32 acre estate in a highly
desirable location we have identified attractive longer term
development opportunities to significantly enhance returns. In the
meantime, we intend to put the Sirius platform to work immediately
to maximise net operating income from the asset.
"We continue to make good progress on our
acquisition pipeline through strategic acquisitions across the UK
and Germany."
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
Follow us on LinkedIn
at https://www.linkedin.com/company/siriusrealestate/
Follow us on X (Twitter) at
@SiriusRE
JSE Sponsor
PSG Capital
