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Update On Acquisitions And Disposals And Inclusion In The FTSE Allshare And Smallcap Indices
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
accordance with the Market Abuse Regulation
4 September 2017
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Update on Acquisitions and Disposals
and inclusion in the FTSE AllShare and SmallCap indices
Sirius Real Estate, the leading operator of branded business parks providing conventional space and
flexible workspace in Germany, is pleased to announce the following update regarding the completion
of a €7.0m disposal of a mature asset and two property acquisitions for €25.8m and its entry into the
FTSE AllShare and SmallCap indices.
On 31 August 2017, the Group completed two acquisitions and one disposal as follows:
• the acquisition of a property in Neuss, just outside Dusseldorf, for total acquisition costs of
€16.1m. This asset comprises two office buildings which are 38.3% let with a net lettable area of
18,258sqm, thereby providing significant income and value creation potential through our asset
management platform.
• the acquisition of a property in Neu-Isenburg, just outside Frankfurt, for total acquisition costs of
€9.7m. This asset comprises a single office building which is currently 41.3% let with a net lettable
area of 7,996sqm. This also provides excellent scope as a property with great opportunity for
significant asset management potential.
• the sale of a property in Kiel for €7.0m, representing an EPRA net initial yield of 7.4% (including
acquisition costs). The property is now considered mature having been turned around from a loss
making position to generating €0.56m of net operating income and consists of a single office
building plus a warehouse building with occupancy having increased under Sirius from 19% to 92%
on a net lettable area of around 10,000 sqm.
Funding for the acquisitions will come from the proceeds of the Company’s disposals programme and
the equity raise completed 28 July 2017.
In addition, Sirius Real Estate is pleased to announce that the Company was included in the FTSE
AllShare and SmallCap indices following the FTSE index series quarterly review which took place on
Wednesday 30 August 2017.
Andrew Coombs Chief Executive Officer of Sirius Real Estate, said:
“These transactions are good examples of our strategy to recycle capital from mature assets like Kiel
into opportunistic assets such as Neuss and Neu-Isenburg, which are secondary locations of Dusseldorf
and Frankfurt, two markets we know well and where we are currently experiencing extremely high
demand for office space. We are confident that there is significant potential to increase the capital
value and rental income streams from both of these sites over the next three years. Following on from
our move up to the main market in March 2017, I am delighted that Sirius has qualified for the FTSE
AllShare and SmallCap indices and look forward to seeing the benefits that come with these
inclusions.”
For further information:
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
Exchange and the main board of the Johannesburg Stock Exchange. It is a leading operator of branded
business 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 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.
For more information, please visit: www.sirius-real-estate.com
LEI: 213800NURUF5W8QSK566
JSE Sponsor
PSG Capital
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