SIRIUS REAL ESTATE LIMITED - Trading Statement

Trading Statement

SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
(“Sirius Real Estate” or “the Company”)


                                               Trading Statement


Sirius Real Estate, the leading operator of branded business parks providing conventional space
and flexible workspace in Germany, is pleased to announce the following trading statement for
the financial year to 31 March 2015.

This has been another successful year for the business during which the Company has
commenced a sustainable dividend programme, our market capitalisation has increased
significantly to €265 million as at 31 March 2015 and we were pleased to report that Sirius was
added to the AIM FTSE 100 index in February 2015. The Company expects the results for the 12
months to 31 March 2015 to be in line with market expectations. The main highlights of the year
include:

-   As at 31 March 2015, annualised rental income of the pre-acquisitions portfolio* had
    increased by 5.6% to €43.6 million (31 March 2014 €41.3 million) with the average rental rate
    across the pre-acquisitions portfolio* increasing to €4.58 per sqm (31 March 2014: €4.46)
    and occupancy increasing to 78% (31 March 2014: 76%). Annualised rental income of the
    total portfolio including acquisitions is €50 million, with an average rental rate of €4.74 per
    sqm.

    * Pre-acquisitions portfolio excludes the acquisitions in Potsdam, Mahlsdorf, Bonn and Aachen announced previously and
    the Cottbus asset which was sold on 13 November 2014.

-   The Company has continued to progress its capex programme to transform approximately
    100,000 sqm of predominantly previously unlettable space. It is expected that at 31 March
    2015 around €2.7 million of the forecast €8.9 million will have been invested, in transforming
    approximately 33,730 sqm of space which is already generating around €1.4 million of rental
    income on an occupancy of 64%.

-   Demand for space has remained strong with new lettings of around 120,000 sqm during the
    year compared to 113,784 sqm in the prior year. This more than offsets move-outs of
    around 93,000 sqm (2014: 113,874 sqm).

-   On 5 December 2014, the Company achieved a successful dual listing on the AltX of the
    Johannesburg Stock Exchange and was the first ever Company to do so under the newly
    introduced fast track listing process.

-   At the time of listing in South Africa, the Company raised €40 million to support the
    expansion of the property portfolio and has since announced the acquisition of 4 business
    parks for a total consideration of €70.7 million, with a net initial yield of 8.1%. A new €36
    million debt facility from BerlinHyp has been fully drawn down against 3 of the 4 business
    parks with an interest rate of 2.85% fixed for 5 years.

-   The portfolio now extends across 33 business parks within which there are over 330
    individual buildings comprising over 1 million sqm of lettable space.

-   The Company has re-introduced dividend payments with the stated objective of paying out
    65% of Funds from Operations. In the year the Company paid a 0.3c per share dividend in
    August 2014 and 0.77c per share in December 2014.

The Board looks forward to providing a more detailed report on the Company’s performance and
future plans when it announces its full year results for the 12 months to 31 March 2015 at the end
of May.

Andrew Coombs, CEO of Sirius Real Estate, commented, “This has been a very successful
period for the business and our task now is to continue this positive momentum. This means
continuing to grow the rent roll at improved average rental rates and higher occupancy through
both good asset management and the extensive capex programme which is focused on
approximately 50% of the current vacant space. Demand for both our conventional space and
our flexible workspace solutions remains strong and we are pleased with progress already being
made on the new properties acquired this year. Whilst we remain on target to reduce the Group’s
loan-to-value ratio to at least 40% in the near term, our ability to access debt at very low cost will
also have a significant impact on our returns to shareholders and accordingly we are focused on
improving the terms of the Group’s debt financing packages.”
An interview with BRR media and Andrew Coombs will be available to download from the
Company’s website from 9am today at http://www.sirius-real-estate.com/investor-
relations/audiocasts/




Enquiries:
Sirius Real Estate
Andrew Coombs, CEO                                                      +49 (0)30 285010110
Alistair Marks, CFO

Peel Hunt
Capel Irwin                                                              +44 (0)20 7418 8900
Hugh Preston

PSG Capital
David Tosi                                                               +27 (0)21 887 9602
Willie Honeyball

Finncap
Stuart Andrews                                                           +44 (0)20 7220 0500
Paul Harrington

Novella
Tim Robertson                                                            +44 (0)20 3151 7008
Ben Heath


Guernsey
1 April 2015

Sponsor: PSG Capital (Pty) Ltd

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