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Sharenet Sites
Completes Acquisitions In Krefeld And Dreieich For €7.5 Million
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES. IT IS NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. INVESTORS SHOULD
NOT PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT SOLELY ON THE BASIS OF
INFORMATION CONTAINED IN THE PROSPECTUS TO BE PUBLISHED BY SIRIUS REAL ESTATE LIMITED IN
CONNECTION WITH THE PROPOSED MOVE TO THE MAIN MARKET.
2 February 2017
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Completes Acquisitions in Krefeld and Dreieich for €7.5 million
Sirius Real Estate, a leading operator of branded business parks providing conventional space and flexible
workspace in Germany, is pleased to announce the completion of the acquisition of Krefeld Business Park
and an office building in Dreieich for a combined total consideration of €7.5 million (including acquisition
costs).
In October 2016, the Group notarised the purchase of Krefeld Business Park for a total consideration of
€2.9 million, representing a 13.1% EPRA net initial yield (equating to €457 per sqm of capital value). The
property is a single let business park totalling 6,335 square metres of office and warehouse space.
Currently the site is producing annualised income of €0.4 million and the sole tenant will be conducting a
staged exit over the next 14 months creating an opportunity to re-let the site at a higher rate over a longer
term.
In November 2016, the Group notarised the purchase of an office building located in Dreieich for a total
consideration of €4.6 million. The site contains significant under-utilised and vacant space which
represents an excellent development opportunity. It is being acquired on a 0.9% EPRA net initial yield
(equating to €355 per sqm of capital value).
As previously announced, the Company is in the process of moving to the main markets of the London
Stock Exchange (“LSE”) and the Johannesburg Stock Exchange (“JSE”). Due to the earlier than expected
completion of these transactions, the publication of the prospectus will be slightly later than previously
announced. This delay is not expected to impact the admission date of 6 March 2017. We will update the
market as soon as practicable following the prospectus being published.
Andrew Coombs, Chief Executive Officer, said, “We moved quickly to complete these two opportunistic
acquisitions which we have bought without bank financing and now have the opportunity to significantly
increase the rental income from them both. We are also continuing to make good progress elsewhere on
our acquisition and disposal programme and remain on track to move up to the main markets of the LSE
and JSE.”
Enquiries:
Sirius Real Estate +49 (0)30 285010110
Andrew Coombs, CEO
Alistair Marks, CFO
Peel Hunt +44 (0)20 7418 8900
Capel Irwin
Edward Fox
Canaccord Genuity Limited +44 (0)20 7523 8000
Bruce Garrow
Chris Connors
JSE Sponsor: PSG Capital +27 (0)21 887 9602
David Tosi
Willie Honeyball
Novella +44 (0)20 3151 7008
Tim Robertson
Toby Andrews
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