Wrap Text
Completion Of Acquisition Of BizSpace Group
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
15 November 2021
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
Completion of acquisition of BizSpace Group
Further to its announcements of 8 November 2021, Sirius Real Estate, the leading owner and
operator of branded business and industrial parks providing conventional space and flexible
workspace in Germany, is pleased to announce that it has now completed the acquisition of
Helix Investments Limited, the holding company of the BizSpace business, for a cash
consideration of c. £245 million, based on an enterprise value of £380 million (the
“Acquisition”).
BizSpace is a leading provider of regional flexible workspace, offering light industrial,
workshop, studio and out of town office units to a wide range of businesses across the UK and
the acquisition therefore provides Sirius with a unique opportunity to enter with immediate
scale an under-served new market via a one-step acquisition of an established platform. It
provides Sirius with a high-quality portfolio, offering significant organic growth potential in
rental pricing in a UK market characterised by supply constraints. The BizSpace business is
also highly complementary to Sirius’ existing platform, allowing for meaningful operational and
financial synergies to drive value creation for Sirius shareholders.
The Acquisition has been financed through a combination of the Company’s existing cash
resources and the issue and subsequent admission to trading on the London and
Johannesburg stock exchanges of 105,281,686 new Ordinary Shares of the Company, which
raised gross proceeds of c. £137 million. Sirius has also assumed BizSpace’s existing gross
financial debt of c. £146 million.
Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real
Estate, said: "The completion of this acquisition marks a significant step forward in the
continued evolution and growth of Sirius as a business. It provides us with our first expansion
into a new geography via the acquisition of a significant portfolio of assets and an established
operating platform, both of which we believe have huge potential. The success of our capital
raise was also a very positive endorsement both of this transaction and our wider strategy for
growth. We now look forward to working with the BizSpace team towards our overriding goal
of growing FFO and generating sustainable and growing returns on behalf of shareholders."
Ends
Enquiries:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CFO
Tel: +49 (0) 30 2850 10 110
FTI Consulting (Financial PR)
Richard Sunderland / Claire Turvey / Talia Jessener
Tel: +44 (0) 203 727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate Limited
Sirius is a property company listed on the main market and premium segment of the London
Stock Exchange and the main board of the JSE. It is a leading operator of branded business
parks providing conventional space and flexible workspace in Germany. The Company's
purpose is to create and manage optimal workspaces that empower small and medium-sized
businesses to grow, evolve and thrive. Sirius seeks to unlock the potential of its people, its
properties, and the communities in which it operates, so that together we can create
sustainable impact, and long-term financial and social value.
The Company's core strategy is the acquisition of business parks at attractive yields, the
integration of these business parks into its network of sites under the Company's own name
as well as offering a range of branded products within those sites, and the reconfiguration and
upgrade of existing and vacant space to appeal to the local market, through intensive asset
management and investment. The Company's strategy aims to deliver attractive returns for
shareholders by increasing rental income and improving cost recoveries and capital values,
as well as by enhancing those returns through financing its assets on favourable terms. Once
sites are mature and net income and values have been optimised, the Company may take the
opportunity to refinance the sites to release capital for investment in new sites or consider the
disposal of sites in order to recycle equity into assets which present greater opportunity for the
asset management skills of the Company's team.
Sirius also has a venture with clients represented by AXA IM Alts. Titanium was formed
through the acquisition by AXA IM Alts, on behalf of its clients, from Sirius, of a 65% stake in
five business parks across Germany. Sirius retained the remaining 35%. The venture seeks
to grow primarily through the acquisition of larger stabilised business park assets and
portfolios of assets with strong tenant profiles and occupancy. As well as its equity interest,
Sirius acts as operator of the assets in the venture, on a fee basis. Sirius will continue to grow
its wholly owned portfolio through acquisitions of more opportunistic assets, where it can
capitalise on its asset management expertise to maximise utilisation of the space, grow
occupancy and improve quality of the tenants. The strategies have been clearly defined so
that the venture does not conflict with Sirius’ existing business.
For more information, please visit: www.Sirius-real-estate.com
JSE Sponsor
PSG Capital
Date: 15-11-2021 05:15:00
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