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Early Refinancing Of Next Major Debt Expiry
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
30 May 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the “Group” or the "Company")
EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY
Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing
conventional and flexible workspaces in Germany and the U.K., is pleased to announce that on 26 May 2023 it
completed the early refinancing of the Company's next major debt expiry, a €58.3 million facility with Deutsche
Pfandbriefbank, seven months in advance of the facility's due date.
The refinancing comprises a new 7-year, €58.3 million facility with an all-in fixed interest rate of 4.25%, which
will replace and redeem the existing facility upon its expiry on 31 December 2023 and will run until December
2030.
As at 31 March 2023, the Group has a total of €975.1 million of outstanding debt, €735.0 million of which is
unsecured. The remaining €240.1 million comprises mortgage-backed debt, of which the most significant
tranches are the refinanced €170 million Berlin Hyp AG facility which was announced in October 2022 more than
one year ahead of its maturity on 31 October 2023 and the €58.3 million facility referred to above. The
€170 million Berlin Hyp AG facility will run for 7 years expiring on 31 October 2030.
This refinancing facility extends the Group's total weighted average debt expiry from 3.3 years to 5.0 years. When
the new facility commences on 1 January 2024, the Group's weighted average cost of debt will increase from
1.4% to 2.1%.
The Company has €1.6 billion of unencumbered assets and in excess of €124 million of free cash available
(including customer deposits as at 31 March 2023). Within the next 12 months, Sirius has a total of €20 million of
debt expiring, which it is confident of either extending terms with the existing lenders or replacing with new
lenders. The Company has a total of €49.3 million of debt expiring within the next three years.
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 / 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 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: 30-05-2023 08:00:00
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