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Update On Acquisitions
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
The Company considers this announcement to contain inside information which is disclosed in accord-
ance with the Market Abuse Regulation
4 July 2017
Sirius Real Estate Limited
("Sirius Real Estate", “Sirius” or the "Company")
Update on Acquisitions
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 two properties for a
combined total acquisition cost of €24.5 million.
On 1 July 2017, the Group completed the acquisition of Berlin-Mahlsdorf II. The property is a mixed used
building, in a commercial area 15 km east of the centre of Berlin and adjacent to an existing Sirius site in
Berlin-Mahlsdorf. The site offers 12,826 square metres of gross lettable space, of which 68% is office
space, 18% is retail space and 14% is warehouse space. The building is currently 62.2% occupied, is let to
19 tenants producing an annual income of €0.5 million and has a remaining weighted average lease term
of 6.1 years. The demand and take-up of the vacancy in Sirius’s adjacent site has been high and the site is
quickly approaching full occupancy, which is encouraging for the prospects of the new site. The property
was acquired for €6.4 million including acquisition costs.
Also, on 1 July 2017, the Group completed the acquisition of Grasbrunn. The site is located in a well-
developed commercial area close to Munich and comprises four office buildings with a gross lettable area
of 14,791 square metres. Currently the property is only 3.5% occupied (let to one tenant), producing an
annual income of €0.1 million with a remaining lease term of 1.7 years. This acquisition provides Sirius
with an excellent opportunity to increase the value of the asset through investing into and letting up the
vacant space for which the Group’s marketing team has already registered significant tenant interest. The
property was acquired for €18.1 million including acquisition costs.
Funding for these transactions will come from the proceeds received from the recent disposals of mature
assets.
Andrew Coombs Chief Executive Officer of Sirius Real Estate, said,
“It is pleasing to be able to recycle the equity released from our recent disposals into these two excellent
assets with such strong future potential. Each site is well located and provides scope for us to increase
passing rents and capital values. We have excellent understanding of both local markets and know the
types of space that will appeal there. We look forward to incorporating these into the Group’s portfolio.”
For further information, please contact:
Sirius Real Estate +49 (0)30 285010110
Andrew Coombs, CEO
Alistair Marks, CFO
Novella +44 (0)20 3151 7008
Tim Robertson
Toby Andrews
About Sirius Real Estate
Sirius is a property company listed on the main market and premium segment of the London Stock Ex-
change and the main board of the Johannesburg Stock Exchange. It is a leading operator of branded busi-
ness parks providing conventional space and flexible workspace in Germany. 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 mar-
ket, through intensive asset management and investment. The Company’s strategy aims to deliver attrac-
tive risk adjusted 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, Sirius may consider their disposal
in order to recycle equity into assets which present greater opportunity for the Group’s asset manage-
ment skills.
For more information, please visit: www.sirius-real-estate.com
JSE Sponsor:
PSG Capital
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