SIRIUS REAL ESTATE
LIMITED
(Incorporated
in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
30 January 2025
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius agrees 3.264% refinancing at
Saarbrücken and has MSCI AA ESG rating reaffirmed
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 further demonstrated its ability to attract financing at
favourable rates having secured a new debt package at its
Saarbrücken business park in south-west Germany. This news follows
the Company's announcement earlier this month that Sirius had
raised €350 million through an approximately five times
oversubscribed senior unsecured corporate bond issuance, maturing
in 2032 and carrying a 4% coupon. The Company also announces that
it has once again been recognised as a leader in sustainable
financing having had its MSCI AA ESG Rating
reaffirmed.
Sirius has agreed a €13 million, 5-year loan at
3.264% with Sparkasse Saarbrücken bank, which refinances the
Company's asset in Saarbrücken. The Sirius Office Center
Saarbrücken is a well located 47,000 sqm edge of town business park
comprising primarily offices, a modern conference
centre, as well as light industrial and
production space. Saarbrücken is the state capital of Saarland near
the border with France and is a major industrial and transport
centre. As of September 2024, the Saarbrücken site had an occupancy
of 78% and was producing a net operating income of
€2.9 million, reflecting a 20% improvement since it was
acquired by the Company in 2018.
MSCI's ESG Ratings aim to measure a company's
management of financially relevant ESG risks and
opportunities. The reconfirmation of Sirius'AA ESG
Rating by MSCI reflects the Company's ongoing commitment to
sustainability and corporate responsibility.
Sirius' weighted average debt maturity is
currently at 4.2 years, with the Company's total average cost
of debt at 2.6% (vs 3.5 years and 2.1% at 30 September
2024).
Chris Bowman,
Chief Financial Officer of Sirius Real Estate,
commented: "Whilst de minimis in comparison to the
oversubscribed €350 million bond we issued earlier this month, the
refinancing of our Saarbrücken business park is nonetheless
important in that it demonstrates our continued ability to
refinance our assets, as well as the Company, at favourable rates
and it highlights the attractiveness of the European lending market
that is available to Sirius. These two financings also
reflect the quality of our underlying assets and the appealing
security of income they provide. I am also pleased that the efforts
we have made with regards to our corporate responsibility have been
recognised by MSCI's reaffirmation of our AA ESG Rating
today."
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
