SIRIUS REAL ESTATE
LIMITED
(Incorporated
in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
11 March 2025
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius sells Tyseley business park for
£6.7m at a 20% premium to book value
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.,
announces that it has disposed of its BizSpace Tyseley Business
Park in Birmingham for £6.7m, reflecting a 20% premium to book
value (September 2024: £5.6m).
Sirius acquired the asset as part of the
BizSpace acquisition in November 2021 for £5.1m and successfully
increased the rent roll of the site by 30%, through the capture of
under-rent, which contributed to a 31% increase in average rate per
sq ft from £7.39 to £9.69.
The 134,000 sq ft business park comprises
125,000 sq ft of industrial space and 9,000 sq ft by way of an
office building. Significant future capex investment was required
in order to maintain the buildings, which the Company felt could be
better spent elsewhere in the portfolio.
Andrew Coombs,
Chief Executive Officer of Sirius Real Estate,
commented: "The sale of this asset at a
substantial 20% premium to book value highlights our success in
improving the rental tone since Sirius acquired BizSpace in
November 2021. This transaction demonstrates our platform's ability
to attract higher-paying quality occupiers and effectively execute
strategically timed deals, enabling efficient capital recycling
into our acquisition pipeline."
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
