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 February 2025
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius acquires Earl Mill Business Park
for £5.7 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 acquired the Earl Mill business park in Oldham in the United
Kingdom, for £5.7 million. This is the second acquisition the
Company has made this year, following the recent purchase of the
Reinsberg business park in Dresden, with the two properties being
bought at a blended EPRA NIY of 7.95%. Together they have a
combined vacancy of 26% which provides 14,000 sqm of opportunity
from which Sirius can add value by utilising its management
platforms in Germany and the U.K.
Earl Mill is a multi-let business park offering
a mixture of warehouse and office space, which Sirius will operate
under its BizSpace brand. The purchase price represents an EPRA NIY
of 13.9%, and the property offers 174,000 sq ft of lettable space,
71% of which is warehouse space and 29% office space, generating a
Net Operating Income (NOI) of £844,000 per annum from 95%
occupancy.
The 3.8 acre site includes car parking for 300
cars and also has the potential for future value creation through
leasing of vacant space, improvements to the property's
environmental ratings and future development.
Earl Mill is also located close to BizSpace's
Hollinwood site in Oldham and will benefit from the Company's
existing presence in the area and knowledge of the local
market.
Andrew Coombs,
Chief Executive Officer of Sirius Real Estate,
commented: "Our acquisition of Earl Mill in
Oldham generates day one income and offers further significant
potential to improve rental tone and develop new revenue streams
through improvements to the site. Our BizSpace portfolio continues
to benefit from the strength and asset management capability of the
Sirius platform and, building on the momentum we have achieved so
far in 2024, we already have a healthy pipeline of acquisition
opportunities in Germany and the U.K. for this
year."
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
