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Acquisition Of Krefeld Business Park For €9.2m Completed
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
4 January 2018
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Acquisition of Krefeld Business Park
for €9.2m Completed
Sirius Real Estate, the leading operator of branded business parks providing conventional space and
flexible workspace in Germany, is pleased to announce the acquisition of a business park in Krefeld
for €9.2 million (including acquisition costs).
Located in Krefeld, near Dusseldorf, the business park has been acquired at a 6.7% EPRA net initial
yield. This is the third site that Sirius has acquired in Krefeld, which is a market that the Company
knows well. This business park has 10,398 sqm of modern, quality office and warehouse space, with
occupancy of 72% and annualised rental income of €0.7 million.
The acquisition was notarised on 29 September 2017.
Andrew Coombs Chief Executive Officer of Sirius Real Estate, said:
“Krefeld is one of the markets we know extremely well in Germany and we are confident of adding
value to this, the latest of our Krefeld acquisitions. The City is commercially vibrant with excellent
links to Dusseldorf and across Germany. We already have 17,793 sqm of lettable workspace in Krefeld so
we know the types of workspace that are in undersupply. We will use this local knowledge and the
operational synergies available to us to add rental income, alongside investing in re-branding and
transforming sub-optimal areas.”
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
Images of the Sirius property portfolio are available from: https://www.flickr.com/photos/sirius_re/
LEI: 213800NURUF5W8QSK566
JSE Sponsor:
PSG Capital
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