Sirius Real Estate Limited Disposal of Kassel business park (4425O)
October 03 2023 - 2:00AM
UK Regulatory
TIDMSRE
RNS Number : 4425O
Sirius Real Estate Limited
03 October 2023
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
03 October 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
Sirius Real Estate continues asset recycling programme with
disposal of Kassel business park at 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., has completed the
disposal of a business park in Kassel, in Germany's southwest Hesse
region, for EUR7.3 million, representing a net initial yield
("NIY") of 6.0%.
The disposal was achieved at an approximate 5% premium to book
value (March 2023: EUR6.95 million). The asset, which is 92% let,
comprises a total lettable area of 8,342 sqm of industrial, office,
logistics and other space within a 16,217 sqm plot size.
The Company also announces that it has now completed the GBP9.5m
acquisition of two mixed use industrial assets for its BizSpace
subsidiary in the U.K., exchange of which was announced on 27 July
2023. The two assets are located in Liverpool and Barnsley with a
combined area of 71,957 sq ft of predominantly workshop space. The
purchase price represents a NIY of 9.6% (total acquisition
cost).
Andrew Coombs, Chief Executive Officer of Sirius Real Estate,
commented: "Our disposal of Kassel at a premium to book value has
allowed us to capitalise on demand for this high quality property.
The sale of this asset at a 6.0% NIY, coupled with the completion
of our acquisition of the properties in Liverpool and Barnsley at a
9.6% NIY represents a good example of our strategy of recycling
capital from mature assets into those where we believe we can grow
income and value through our operating platform. In the current
market we are focused on improving rental levels and providing
tenants with the flexibility and services they need. We see plenty
of opportunities to continue creating value through asset
management across the BizSpace portfolio, as we have successfully
achieved through the Sirius platform with our German assets."
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion / Sebastian
Duran de Huerta
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the main and premium
market of the London Stock Exchange and 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 UK. As of 31 March 2023, the Group's
portfolio comprised 140 assets let to 9201 tenants with a total
book value of over EUR2 billion, generating a total annualised rent
roll of EUR178.3 million. Sirius also holds a 35% stake in
Titanium, its EUR350+ 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
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