SIRIUS REAL ESTATE LIMITED - Trading Update For Financial Year Ended 31 March 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


17 April 2023


                                            Sirius Real Estate Limited
                         ("Sirius Real Estate", "Sirius", the 'Group' or the "Company")


                            Trading Update for financial year ended 31 March 2023


                                        8.1%* increase in Group rent roll


Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing
conventional space and flexible workspace in Germany and the UK, provides an update on trading for its financial
year ended 31 March 2023.


In what has been a more challenging economic backdrop during the year, the Group has achieved an 8.1%*
increase in overall rent roll (7.7%* on a like for like basis), reflecting management's ability to capture rental
growth in the current inflationary environment. For the ninth consecutive year, the Group has achieved like for
like rent roll growth in excess of 5%. Cash collection has remained robust at above 98.5% on a rolling 12-month
basis. The Group expects to deliver full year results in line with market expectations.


In Germany, our rental rates grew largely in line with our rent roll, reflecting the stable occupancy rates in the
country. Our in-house asset management platform continues to manage product mix and occupancy carefully
alongside rate to yield the best overall returns from our space.


In our recently acquired UK business, BizSpace, we have successfully firmed rates to position our assets for better
returns in the long term. Rent roll growth in the UK was in line with the Group level and rental rates have
increased well in excess of inflation. We have been comfortable ceding a small amount of occupancy in return
for these higher rates and we believe this positions the business well to take advantage of any recovery in the
macroeconomic climate.


The Group's balance sheet remains strong with cash reserves of '123 million with around 90% of the Group's
debt maturing in excess of three years. During the year the Group successfully re-financed its Berlin Hyp AG '170
million facility at a 4.26% interest rate for a 7-year term, which from commencement in November 2023 will
take the overall weighted average Group cost of debt to 1.9%. Whilst the Group is mindful of the probable higher
interest expense arising from future re-financings, it is also confident that the leverage levels will continue to
have a positive overall effect on shareholder returns, given the relatively high yielding nature of the Group's
assets and the continued growth in the rent roll which will help to offset future increases in financing costs.


During the past twelve months, the Group's acquisitions and disposals were largely matched, at approximately
'45 million of each. Acquisitions largely completed in the first half of the year, and focused on Germany, where
we have utilised our operating platform to continue to drive value.


Our disposals strategy remains opportunistic and fixed on non-core or mature assets with little upside, where
we can achieve returns in excess of book value, as evidenced through the 25% combined premium to book value
achieved on the six disposals completed during the last 12 months. This efficient recycling of capital will continue
to be a mainstay of Sirius's strategy.


Commenting on trading during the period, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:
'Against a challenging market backdrop during the year, Sirius has delivered another period of strong operational
performance. The Group expects to deliver results for the financial year ended 31 March 2023 in line with market
expectations, and I look forward to the announcement of our fully audited results on Monday June 5th.'


Full Year Results


Sirius will announce results for the financial year ended 31 March 2023 on Monday, 5 June 2023, at which time
there will be an in-person presentation and virtual webinar for analysts and investors.


The financial information on which this trading update is based has not been reviewed or reported on by the
Company's external auditors or a reporting accountant.


*Group rent roll has been translated utilising a constant foreign currency exchange rate of GBP:EUR 1.1374, being the closing exchange
rate as at 31 March 2023.

Webcast and Conference Call

There will be a live audio webcast for analysts/investors at 08:30 BST (09.30 CET/ SAST) today, hosted by
Andrew Coombs, Chief Executive Officer, Alistair Marks, Chief Investment Officer and Interim Chief Financial
Officer and Tariq Khader, UK Finance Director.


If you would like to join the webcast please use the registration link below:
Webcast link: https://brrmedia.news/SiriusRealEstate_TradingUpdate


For analysts/investors who would like to ask questions, there will also be a conference call option available, via
the below:

Dial-in UK: +44 (0) 33 0551 0200
Dial-in Germany: +49 (0) 30 3001 90612
Dial-in South Africa: Toll-Free: 0 800 980 512

Participant access code (for all participants): Quote Sirius Real Estate when prompted by operator

For further information:
Sirius Real Estate

Andrew Coombs, CEO / Alistair Marks, CIO and Interim CFO
+49 (0) 30 285 010 110

FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion
+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 2022, and following the
acquisition of BizSpace, a leading UK provider of regional flexible workspace, the Group's portfolio comprised
140 assets let to 9,452 tenants with a total book value of over '2 billion, generating a total annualised rent roll
of '167.1 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 name 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 selectively refinance or dispose of assets 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.

JSE Sponsor
PSG Capital

Date: 17-04-2023 08:00:00

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