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SIRIUS REAL ESTATE LIMITED - Interim Results For The Six Months Ended 30 September 2018 and Interim Dividend Declaration

Release Date: 19/11/2018 09:00
Code(s): SRE     PDF:  
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Interim Results For The Six Months Ended 30 September 2018 and Interim Dividend Declaration

Sirius Real Estate Limited
(Incorporated in Guernsey)
Company number: 46442
Share code: SRE
ISIN: GG00B1W3VF54
("Sirius", "the Group" or "the Company")

Interim Results for the six months ended 30 September 2018

19 November 2018 

Sirius Real Estate (LSE: SRE, JSE: SRE), the leading operator of branded business parks providing conventional space and flexible 
workspace in Germany, announces its interim results for the six months to 30 September 2018.

Highlights

- Strong profit growth and increased dividend
  - Profit before tax in the period grew 43.0% y-o-y to EUR78.2 million (H1 2017: EUR54.7 million) 
  - Funds from Operations(1) grew by 25.9% to EUR23.3 million (H1 2017: EUR18.5 million)
  - Interim dividend increased 4.5%(2) to 1.63c per share (H1 2017: 1.56c)

- Significant valuation growth 
  - EUR56.2 million valuation gain in the period net of capex invested and adjustments for lease incentives.
  - Total valuation increase of EUR69.3 million
  - Total portfolio book value of EUR1,048.8 million (31 March 2018: EUR931.2 million)
  - Increase in NAV per share of 6.7% to 67.29c (31 March 2018: 63.09c) with adjusted NAV(3) per share increasing by 7.3% to 70.52c 
    (31 March 2018: 65.71c)

- Continuing to deliver good rental growth
  - Increase in rental and other income from investment properties of 16.6% to EUR40.8 million (H1 2017: EUR35.0 million) in the period 
    despite the impact of three large expected move outs
  - Increase in like for like annualised rent roll(4) of 2.6% in the period despite the impact of three large expected move outs
  - Original and new acquisition capex investment programmes making a strong contribution to results 
  - Total annualised rent roll(5) increased 17.6% to EUR82.0 million (30 September 2017: EUR69.7 million)

- Acquisitions and asset recycling progressing well
  - Good progress on investing funds from March 18 equity raise with two assets acquired in the period for a total of EUR29.8 million(5), 
    followed shortly after the period end by the acquisition of an asset for EUR9.6 million and notarisation of an asset for EUR25.7 million
  - Completed the disposal of all non-core assets for total proceeds of EUR19.3 million in or just after the period end freeing up further 
    capital to be recycled  
  - Significant resources to acquire further assets in the second half of the financial year to drive shareholder value 

(1)See note 22 of the Interim Report 
(2)Interim dividend representing 70% of FFO (30 September 2017: 75% of FFO) 
(3)See note 11 of the Interim Report
(4)See glossary section of the Interim Report
(5)Excludes the completion of the Saarbrucken and Dusseldorf assets totalling EUR36.1 million that completed on 1 April 2018

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: "In the first half, we achieved a significant milestone, exceeding the 
EUR1 billion mark for assets owned. We saw a 43% year-on-year increase in profit before tax underpinned by a EUR69.3 million valuation uplift, 
new lettings of more than 83,000 sqm and EUR6.6 million of annualised rent roll signed in the period and are able to report a 2.6% like-for-like 
rental growth despite the impact from three expected large move-outs. This performance reflects the success of our asset management strategy alongside 
the currently strong German market. 

"Our business model and the diverse nature of the Sirius portfolio has always been a key strength. Occupier demand for industrial assets and secondary 
offices in Germany has never been greater. 

"We believe this market will continue for some time and Sirius is very well positioned to take advantage of it. With the portfolio being valued at a 
defensive 7.8% gross yield and having significant amounts of value-add opportunity within the 19% vacancy, we can see considerable upside to come from income 
and capital growth over the next few years."

For further information:
Sirius Real Estate
Andrew Coombs, CEO
Alistair Marks, CFO 
+49 (0)30 285010110

Tavistock (financial PR)
Jeremy Carey
James Verstringhe
Kirsty Allan
+44 (0)20 7920 3150
siriusrealestate@tavistock.co.uk

NOTES TO EDITORS

About Sirius Real Estate Limited
Sirius Real Estate is a property company listed on the main market and premium segment of the London Stock Exchange and the main board of the JSE Limited.  
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
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
Follow us on Twitter at @SiriusRE

LEI: 213800NURUF5W8QSK566
JSE Sponsor
PSG Capital

Sirius Real Estate Limited
Interim Report 2018 

Business update

Overview
Another strong trading performance in the six month period to 30 September 2018 has both underlined Sirius' position as a leading
operator of branded business parks in Germany and demonstrated the key differentiators of our business model in a competitive
market. We have continued to buy at attractive valuations, have recycled our capital out of non-core assets and importantly have
continued to demonstrate our very strong focus on internal active asset management to drive increased rental growth and returns
to shareholders. This leaves the business well positioned to continue growing both organically and through acquisitions over the
coming years.

Performance in the period has been underpinned by further organic rental growth, significant valuation increases, the disposal of all
non-core assets and good progress on investing the funds from the equity raise that we completed in March 2018. As a result, the
Company has increased its rental and other income from investment properties to EUR40.8 million and annualised rent roll* to more
than EUR82.0 million, grown its investment portfolio to over EUR1.0 billion and has progressed discussions regarding a further bank
facility such that it should have the resources to acquire another EUR70.0 million of assets in the second half of the financial year,
EUR35.3 million of which was either completed or notarised shortly after the period end.

The Company was able to achieve strong organic rental growth during the period, with an increase in rental and other income from
investment properties to EUR40.8 million and like-for-like annualised rent roll* growth of 2.6% to EUR79.7 million from EUR77.7 million in the
six month period. This was an excellent result which was achieved despite three large expected move-outs on sites that were
recently acquired which drove the loss of EUR1.2 million of annualised rent roll*. Importantly this highlights the capability and benefits
of the Company's internal operating platform and capex investment programmes, and the Company is well positioned for further
growth in the second half. The strong organic rental growth was a key contributor to the total portfolio book valuation increase of
EUR69.3 million seen in the period. However, there was also approximately 37 bps of gross yield compression incorporated which
meant that around 35% of the increase came from income growth and 65% from yield movement. Including the acquisitions and
disposals, the book value of the total portfolio increased by EUR117.6 million to EUR1,048.8 million as at 30 September 2018 (31 March
2018: EUR931.2 million). This is the first time we have seen market movement drive values higher to a greater extent than income
growth but the Company remains confident that there is significant scope in income growth going forward, particularly in relation to 
the recently acquired assets that contain significant vacancy.

Acquisitions and asset recycling continue to be accretive in all aspects and it was very pleasing to sell two non-core assets in
Bremen, with Bremen Hag completing after period end, as well as notarising for sale the third and last remaining asset in Bremen,
Bremen Dötlinger. Alongside this, the disposal of a piece of non-income producing land in Rostock and a residential block in
Markgröningen completed in the period. Combining the proceeds of these disposals with the equity raised in March 2018 and a
bank facility which is currently being negotiated, the Company was in a position to deploy nearly EUR120.0 million in assets as well
continue our capex investment programmes. Progress on acquisitions has been good with EUR29.8 million of acquisitions completing
in the period, EUR9.6 million completing on 1 October 2018 and EUR25.7 million notarised shortly after the period end.
* See glossary section of the Interim Report.

Financial performance
The results for the six month period to 30 September 2018 were positive despite rental and other income being impacted in the first
two months of the period due to three large expected move-outs in respect of some recently acquired assets. The contribution from
acquisitions in the period was slightly less than anticipated due to the Company continuing to apply rigorous acquisition criteria to
ensure the right assets are bought. Rent and other income from investment properties was EUR40.8 million (2017: EUR35.0 million) with
profit before tax increasing to EUR78.2 million (2017: EUR54.7 million), including EUR56.2 million (2017: EUR41.6 million) of gains from property
revaluations net of capex invested and lease incentive adjustments. Funds from Operations* ("FFO") for the six months of EUR23.3
million (2.33c per share) compared to EUR18.5 million (2.07c per share) for the same period in the prior year representing an increase
of 12.6% on a per share basis. Basic earnings per share of EUR70.4 million (7.04c per share) compared to EUR50.9 million (5.69c per
share) whilst basic EPRA earnings** of EUR21.5 million (2.15c per share) compared to EUR14.1 million (1.57c per share) for the six
months to 30 September 2017.

Table 1: Earnings per share

                                                 30 Sept    30 Sept                                              
                                                    2018       2017                                              
                30 Sept 2018    30 Sept 2018   cents per   Earnings    30 Sept 2017      30 Sept 2017   Change   
            Earnings EUR'000   No. of shares       share    EUR'000   No. of shares   cents per share        %   
Basic EPS             70,409     999,625,521        7.04     50,885     894,104,933              5.69     +24%   
Diluted EPS           70,409   1,005,446,521        7.00     50,885     917,954,933              5.54     +26%   
Adjusted EPS          21,968     999,625,521        2.20     17,321     894,104,933              1.94     +13%   
Basic EPRA EPS        21,496     999,625,521        2.15     14,080     894,104,933              1.57     +37%   
Diluted EPRA EPS      21,496   1,005,446,521        2.14     14,080     917,954,933              1.53     +40%   


* See note 22 of the Interim Report.
** See note 10 of the Interim Report.

The valuation uplift seen this period has been the main contributor towards an increase of 6.7% in net asset value per share
("NAV") to 67.29c from 63.09c at 31 March 2018. EPRA net asset value ("EPRA NAV") per share increased by 9.3% to 70.16c from
64.18c whilst adjusted net asset value ("Adjusted NAV") per share increased by 7.3% to 70.52c from 65.71c. The movement in net
asset value in the period can be seen below:

Table 2: Net assets per share                                   
                                              cents per share   
NAV as at 31 March 2018                                 63.09   
Recurring profit before tax                              2.20   
Surplus on revaluation                                   5.56   
Current and deferred tax charge                        (0.77)   
Scrip and cash dividend paid                           (1.56)   
Share awards and non-recurring items                   (1.23)   
NAV per share at 30 September 2018                      67.29   
Deferred tax and derivatives                             3.23   
Adjusted NAV per share at 30 September 2018             70.52   
EPRA adjustments*                                      (0.36)   
EPRA NAV per share at 30 September 2018                 70.16   
*See note 11 of the Interim Report.                             


Total shareholder accounting return ("TSR") based on the movement in adjusted NAV plus the 1.60c per share final dividend paid
in August 2018 was 9.8% for the six month period (30 September 2017: 10.4%). The Company is well on track to exceed the 15%
TSR level for the full year for the fourth year in a row.

Lettings and rental growth
As mentioned above, the Company has achieved an increase in rental and other income from investment properties of 16.6% to
EUR40.8 million from EUR35.0 million and a like for like annualised rent roll* increase of 2.6% to EUR79.7 million from EUR77.7 million in the
period despite the impact of three large expected move outs. Incorporating acquisitions and disposals, total annualised rent roll*
reached EUR82.0 million and positions the Company well for the second half of the financial year with more acquisitions and further
organic rental growth expected.

The three expected large move-outs on recently acquired sites totalling 12,633 sqm resulted in a decrease in annualised rent roll*
of EUR1.2 million. These were part of the total 82,631 sqm and EUR5.8 million of annualised rent roll* lost from move-outs in the first half
of this financial year. This loss of income was offset by new lettings of 83,888 sqm with annualised rent roll* of EUR6.6 million. This
reflects an average rental rate of EUR6.58 per sqm on entering tenants compared to the EUR5.89 per sqm that exiting tenants were
paying. Contracted rental increases and uplifts on renewals added EUR1.2 million to the annualised rent roll* and along with the EUR2.4
million that came from acquisitions and EUR1.8 million lost through disposals, altogether the total annualised rent roll* increased from
EUR79.5 million to EUR82.0 million.

The like for like annualised rent roll* increase has, accordingly, come from average rental rates increasing by 2.5% to EUR5.76 from
EUR5.62 whilst occupancy has remained relatively flat at approximately 81.0%. When factoring in acquisitions and disposals, the
average rental rate for the total portfolio increased by 5.1% to EUR5.74 from EUR5.46 and occupancy from 79.2% to 81.2%.

The high number of new lettings achieved by the Company in the period yet again reflects strong occupier demand from our core
German SME customers but also the strong capabilities of our operating platform which, during the period, delivered a Company
record new lettings conversion rate of 15% of all enquiries received. Considering the total enquiries received for the six months was
6,800, this was an impressive performance from the marketing and lettings teams. One of the pleasing aspects of the lettings
performance was the number of large long-term leases secured in the period. Amongst these were long-term deals with a leading
German sports car manufacturer based in Stuttgart for 6,766 sqm, with Landeshauptstadt München in Munich for 4,766 sqm and
CARE Deutschland-Luxembourg, a government agency, for 1,947 sqm in Bonn. The Company also agreed a five year extension
with Daimler-AG, an existing anchor tenant in the Kirchheim site occupying 39,844 sqm during the period.

The mixture of large long-term and small flexible lettings illustrates the diversity of Sirius' sales and marketing platform and is what
provides the business with a high degree of optionality in how space can be configured for the benefit of tenants, and therefore the
business. With occupancy for the total portfolio remaining relatively low at 81.2% there remains substantial potential for further
rental growth through developing and letting the vacancy. Of the 276,091 sqm of vacant space, 47,683 sqm relates to the Bremen
Hag site which was sold in November 2018 and 102,996 sqm is being developed from sub-optimal space into high-quality space
through the capex investment programmes. Of the remaining 125,412 sqm of vacancy only 27,154 sqm (2% of the total lettable
space) is considered by the management team as structural vacancy, which is indicative of how the Company believes it can
extract value and income from much more of the space on its industrial business parks than its competitors. The Smartspace range
of products is one of the elements that allows Sirius to generate value and rental income from space that many would leave as
structural vacancy.
* See glossary section of the Interim Report.

Portfolio valuation
Strong demand for real estate assets in Germany continues to drive yields lower with the industrial sector experiencing some of the
largest yield compression out of all the real estate asset classes. Domestic and foreign investors continue to seek to build up
portfolios in Germany, as evidenced by a number of large transactions being reported in 2018. The increasing desire for investors
to gain exposure to a high yielding asset class with growth potential has fuelled the positive movements seen in the industrial sector
and some of this has been reflected in the Group's portfolio value at the period end. In addition to this, the strong organic rental
growth mentioned above in the trading section continues to play a major role in Sirius' valuation increases.

The portfolio, including assets held for sale, was independently valued at EUR1,052.5 million by Cushman & Wakefield LLP (31 March
2018: EUR933.7 million), which converts to a book value of EUR1,048.8 million after allowing for the provision for lease incentives. The
uplift for the period was EUR69.3 million, which after deducting capex investment of EUR13.0 million resulted in a net valuation gain of
EUR56.3 million. Following adjustments for lease incentives this resulted in a credit of EUR56.2 million to the statement of comprehensive
income.

Table 3: Reconciliation of market value to book value                                       
                                                        30 September 2018   31 March 2018   
                                                                     EURm            EURm   
Investment properties at market value                             1,052.5           933.7   
Adjustment for assets held for sale                                 (0.1)             1.0   
Adjustment in respect of lease incentives                           (3.6)           (3.5)   
Book value as at period end                                       1,048.8           931.2   


The portfolio comprised 55 assets as at 30 September 2018 and the movement in book value for the period can be reconciled as
follows:

Table 4: Movement in book value in the period
                                                                        30 September 2018
                                                                                     EURm
Total investment properties at book value as at 1 April*                            931.2
Additions                                                                            65.7
Disposals                                                                          (17.3)
Capital expenditure                                                                  13.0
Surplus on revaluation above capex                                                   56.3
Adjustment in respect of lease incentives                                           (0.1)
Total investment properties at book value as at 30 September*                     1,048.8
*Including assets held for sale.

The valuation increases in the period were derived around 65% from yield compression of 37 bps and 35% from organic rental
growth. The total portfolio book value increase of EUR69.3 million resulted from a like for like portfolio book value increase of EUR69.8
million or 7.6% in the period whilst the assets acquired in the period had a book value of EUR65.1 million compared to the EUR65.6
million total acquisition costs. Notwithstanding the fact that the portfolio yields have compressed by 37 bps in the September 2018
valuation, the gross yield of the entire portfolio is still 7.8%, which appears high compared to the transactional evidence in the
market. Additionally, with so much sub-optimal space and vacancy still to develop and let there remains excellent potential for
values and rental levels to continue to grow over the next few years. In order to analyse this potential better, the table below splits
the portfolio into the assets that still have value-add potential and the mature assets which have realised most of the value-add
potential. Additionally the sold non-core asset in Bremen Hag has been separated and classified as non-core:

Table 5: Book value valuation metrics

                 Annualised                                                                                                    
                 rent roll*   Book value     NOI     Capital                             Vacant space   Rate psm   Occupancy   
                       EURm         EURm    EURm   value/sqm   Gross yield   Net yield            sqm        EUR           %   
Core value-add         46.0        575.3    40.6         610          8.0%        7.1%        194,758       5.82       77.2%   
Core mature            35.5        469.7    33.8         818          7.6%        7.2%         33,649       5.68       93.9%   
Non-core                0.5          3.8   (0.3)          64         13.2%       -7.9%         47,683       3.82       17.9%   
Other                                      (1.5)                                                                               
Total                  82.0      1,048.8    72.6         665          7.8%        6.9%        276,090       5.74       81.2%   


In addition to the potential that gross yields could come in further from the 7.8% level that rental income is currently capitalised at,
there remains strong potential for the capex investment programmes which are targeting 102,996 sqm of sub-optimal and vacant
space within the value-add assets, to drive further value. The space has very little value in the books so its transformation is
expected to have a significant impact on both values and rental income.

* See glossary section of the Interim Report.

Asset recycling, acquisitions and disposals
The Company has made significant progress in deploying the proceeds of the EUR40.0 million equity raise that completed in March
2018 and the EUR21.1 million of proceeds from disposal activity including the sale of the two non-core Bremen sites, one of which
completed shortly after the period end. Together with a new financing deal which is in advanced discussions, it created the
resources to acquire around EUR120.0 million of new assets. Three acquisitions totalling EUR39.4 million completed in the period or
shortly after the period end. In addition, one asset totalling EUR25.7 million was notarised post period end. It is expected that the
acquisition activity outlined above will complete in the second half of the financial year.

The EUR39.4 million of assets acquired provide an attractive mix of stable income as well as opportunity and together produce an
attractive day-one net initial yield. The assets are located in attractive markets, in most of which the Company has extensive
presence already and one is located in a renowned industrial area the Company has been seeking to enter. This new portfolio
thereby provides the opportunity for operational synergies as well as strategically broadening the presence of Sirius into core
industrial locations. Whilst competition for assets in the market continues to increase, the four assets acquired or in exclusivity will
contribute an EPRA net initial yield of 7.7% as well as vacancy of 12%, demonstrating the ability of the Company's operating
platform to continue sourcing assets that meet the Company's investment strategy and returns profile. Rental and other income
from investment properties from the acquisitions that completed prior to 30 September 2018 was EUR0.4 million. The key details of
these acquisitions can be seen within the table below:

Table 6: Acquisitions

                                                                                              Acquisition                                          
                              Total                                                                  non-                                          
                         investment                                                           recoverable                                          
                             (incl.                                              Annualised       service   Acquisition    Annualised   EPRA net   
                        acquisition         Total   Acquisition   Acquisition   acquisition        charge   maintenance   acquisition    initial   
                             costs)   acquisition     occupancy        vacant    rent roll*         costs         costs          NOI*      yield   
Acquisitions                 EUR000           sqm             %           sqm        EUR000        EUR000        EUR000           EUR          %   
Completed                                                                                                                                          
Friedrichsdorf               17,707        17,306            92         1,426         1,357          (87)          (10)         1,260        7.1   
Fellbach                     12,070        25,420            79         5,329         1,043         (139)          (23)           881        7.3   
Subtotal                     29,777        42,726            84         6,755         2,400         (226)          (33)         2,141        7.2   
Mannheim                      9,616        15,052            69         4,688           801         (207)          (18)           576        6.0   
Subtotal                      9,616        15,052            69         4,688           801         (207)          (18)           576        6.0   
Notarised post period                                                                                                                              
Bochum                       25,704        55,650            95         2,676         2,591         (259)          (50)         2,281        8.9   
Subtotal                     25,704        55,650            95         2,676         2,591         (259)          (50)         2,281        8.9   
Total                        65,097       113,428            88        14,119         5,792         (692)         (101)         4,998        7.7   


As communicated at the year end our acquisition focus is now more on our forecast IRRs over a three to five year period rather
than net initial yields and whilst the net initial yields are still at reasonable levels compared to others we are seeing in the market,
the most important factor in our decision to acquire these new assets has been a combination of under-rents and 14,119 sqm of
vacant space which we believe will generate excellent IRRs whatever happens in the market. In line with its strategy to recycle
equity out of non-core locations and assets with minimal remaining value-add potential, the Company completed the sale of the
non-core Bremen Brinkman asset at book value in the period and the non-core Bremen Hag asset in November 2018 with
combined proceeds amounting to EUR19.3 million. The disposal of these non-core assets is significant as the two assets had in total
approximately 96,000 sqm of vacant space which was not economical or desirable for the Company to develop. Reinvesting the
equity from these two assets into assets in Sirius' core locations will be a significantly accretive step for the Group. Additionally,
after the period end in October 2018, the Company notarised for sale its final remaining asset in Bremen, the Dötlinger site, which,
when completed in March 2019, will represent the exit of a market the Company considers unsuitable for its investment strategy
and the final non-core asset having been sold.

The Company's strategy is to also dispose of non-income producing land and buildings and in the period one land plot and a
residential building were sold generating proceeds of EUR1.8 million. For further details on disposal activity please see the business
analysis section of this report.

* See glossary section of the Interim Report.

Capex investment programmes
The Group's capex investment programmes continue to be a key driver of rental income and valuation growth. The original capex
investment programme is substantially complete with an additional 4,543 sqm of space completed in the period resulting in total
completed space of 191,164 sqm which, with a total investment of EUR20.9 million, has generated EUR11.6 million of annualised rent roll*
representing a return on investment of 55.5%. In addition to the high rental income return, this investment has also created
significant improvements to service charge cost recovery as well as large valuation increases over the last few years and it is
pleasing to report that the cost of the investment programme is expected to complete well within budget. With occupancy of 81%
there remains further additional income growth potential to come from the space already completed as well as 13,553 sqm of space
that is not yet completed but is either in progress or awaiting permissions for conversion. Further information on the original capex
investment programme is set out in the table below:

Table 7: Original capex investment programme

                                                                                Annualised                                                             
                                                                                rent roll*                                                             
                                                                  Annualised      increase                                              Rate per sqm   
                                                                  rent roll*   achieved to                   Occupancy                   achieved to   
                                      Investment                    increase     September               achieved to R   Rate per sqm      September   
Original capex investment               budgeted   Actual spend     budgeted          2018   Occupancy       September       budgeted           2018   
programme progress              Sqm         EURm           EURm         EURm          EURm    budgeted            2018            EUR            EUR   
Completed                   191,164         23.6           20.9         10.4          11.6         81%             81%           5.65           6.19   
In progress                  11,178          1.7            0.5          0.6             -         80%               -           5.45              -   
To commence in                                                                                                                                         
next financial year           2,375          0.7            0.1          0.1             -         85%               -           5.76              -   
Total                       204,717         26.0           21.5         11.1          11.6         81%               -           5.64              -   


The original capex investment programme focused on all assets acquired prior to April 2016 and a new capex investment
programme has commenced on all assets acquired since then. The new capex investment programme includes 21 sites and a total
of 119,026 sqm of sub-optimal or vacant space. The budgeted investment on this space of EUR30.8 million is expected to generate
annualised rent roll* of EUR8.6 million and, in line with the original programme, will have a positive impact on service charge cost
recovery and valuations. As at 30 September 2018 a total of 34,698 sqm of space had been fully converted with an investment of
EUR5.7 million generating annualised rent roll* of EUR2.3 million on occupancy of 62%. Whilst the investment into the space contained
within the new capex investment programme is higher than that in the original programme, the rental rates at which the space is
expected to be let and the significant expected valuation uplift impact provide an attractive investment return. Of the space
completed so far the average rate achieved of EUR9.07 per sqm is well in excess of the budgeted rate of EUR7.41 per sqm and indicative
of not only the quality and attractiveness of the space being created but the ability of our internalised operating platform to
crystallise returns. Further details on the new capex investment programme are set out in the table below:

Table 8: New capex investment programme

                                                                                 Annualised                                                           
                                                                                 rent roll*                                                           
                                                                   Annualised      increase                                            Rate per sqm   
                                                                   rent roll*   achieved to                 Occupancy                   achieved to   
                                       Investment                    increase     September               achieved to   Rate per sqm      September   
New capex investment                     budgeted   Actual spend     budgeted          2018   Occupancy     September       budgeted           2018   
programme progress               Sqm         EURm           EURm         EURm          EURm    budgeted          2018            EUR            EUR   
Completed                     34,698          6.8            5.7          2.6         2.3**         85%           62%           7.41           9.07   
In progress                   28,886         12.0            0.7          2.4           0.3         83%             -           8.29              -   
To commence in                                                                                                                                        
next financial year           55,442         12.0              -          3.6             -         80%             -           6.73              -   
Total                        119,026         30.8            6.4          8.6           2.6         82%             -           7.32              -   


* See glossary section of the Interim Report.
** EUR1.0 million of annualised rent roll* achieved to September 2018 relates to a short-term lease which ends in October 2018.

Smartspace
The Smartspace range of products continues to provide Sirius with an excellent platform to create income and significant value
from the difficult space within the portfolio. It also provides tenants with flexible and fixed cost workspaces which has proven to be
very desirable when the market is strong as well as during the tougher times. Since the Smartspace areas are usually created
through the transformation of sub-optimal space and space that would otherwise remain as structural vacancy, it is substantially
value accretive as well.

The total amount of space that has been converted to Smartspace now stands at 77,920 sqm, which is around 5.3% of the total
lettable space. The annualised rent roll* that is generated by Smartspace remained flat at around EUR5.3 million in the period which is
reflective of newly created Smartspace product being offset by space lost through the disposal activity. It was pleasing to note that
the average rental rate per sqm (excluding service charge cost contributions) increased by 6.7% from EUR7.19 to EUR7.67 and
occupancy increased from 70% to 74% in the period and with increases recorded across all categories Smartspace is proving to be
very popular with tenants. As we communicated at the year end, our second First Choice Business Centre was created on the
ground floor of an office building in Wiesbaden providing a mix of office and co-working space. We are delighted to report that, after
only eleven months since opening, as at 30 September 2018 occupancy of this space was 82% with an average rental rate
excluding service charge of EUR19.61. This demonstrates the benefits of providing both a five star premium offering as well as the
three star Smartspace products, and we intend to introduce further First Choice Business Centres in buildings where we feel the
market lends itself to this offering. For further information on our Smartspace products and how they contribute to the portfolio as a
whole please see the table below:

Table 9: Smartspace                                                                                                                         
                                                                                              Annualised rent roll*    % of total Smartspace   
Smartspace product type                         Total sqm   Occupied sqm   Occupancy %   (excl. service charge) EUR    annualised rent roll*   
First Choice Office                                 1,317          1,075           82%                      253,000                       5%   
SMSP Office                                        33,000         25,907           79%                    2,661,000                      50%   
SMSP Workbox                                        5,963          5,204           87%                      392,000                       7%   
SMSP Storage                                       28,998         22,193           77%                    1,755,000                      33%   
SMSP subtotal                                      69,278         54,379           78%                    5,061,000                      95%   
SMSP Flexilager                                     8,642          3,527           41%                      266,000                       5%   
SMSP total                                         77,920         57,906           74%                    5,327,000                     100%   
* See glossary section of the Interim Report.                                                                                                  

Loan to value
The Company continues to be committed to maintaining a gross loan-to-value ratio ("LTV") of 40% or below. Total debt at 30
September 2018, before outstanding loan issue costs, was EUR368.1 million (31 March 2018: EUR373.1 million), resulting in a Group
gross LTV of 35.1% (31 March 2018: 40.8%) whilst net LTV* reduced to 32.7% (31 March 2018: 33.8%). As assets that have been
recently acquired on an ungeared basis are expected to be subject to financing in the second half, so the Group's LTV is expected
to increase; however, we remain committed to a policy of maintaining gross LTV below 40%.

* Net LTV is the ratio of principal value of gross debt less cash, excluding that which is restricted, to the aggregate value of investment property.

Dividend
The Board increased the dividend payout ratio in the year ended 31 March 2018 to 75% of FFO in order to maintain positive
dividend growth whilst the proceeds from disposals of mature assets were reinvested, and the Company expects gradually to revert
to its stated policy of a 65% payout ratio. The Board has again considered the payout ratio for the financial year ending 31 March
2019 in light of the time it will take to invest the proceeds from the March 2018 equity raise as well as the proceeds from the
disposal of non-core assets that we have discussed earlier in this report.

In accordance with this the Board has declared an interim dividend of 1.63c per share for the six month period ended 30
September 2018, representing a payout ratio of 70% of FFO, and an increase of 4.5% on the 1.56c dividend that represented 75%
of FFO relating to the same period last year.

The ex-dividend date will be 12 December 2018 for shareholders on the South African register and 13 December 2018 for
shareholders on the UK register. The record date will be 14 December 2018 for shareholders on the South African and UK registers
and the dividend will be paid on 18 January 2019 for shareholders on both registers. A detailed dividend announcement will be
made in due course, including details of a scrip dividend alternative.

Principle risks and uncertainties
The key risks that affect the Group's medium-term performance and the factors that mitigate these risks have not materially
changed from those set out in the Group's Annual Report and Accounts 2018. For further information on principal risks and
uncertainties please see Note 2 of the Interim Report.

Board
During the period the Company welcomed Danny Kitchen to the Board as Non-executive Chairman. Danny has more than 25 years
of property and finance experience in both public and private markets and we look forward to working with him as we continue to
deliver our future growth ambitions. We thank James Peggie for his strong leadership in his time as Acting Chairman and look
forward to continuing working with him in his capacity as Senior Independent Director.

Sadly we will be saying farewell to Wessel Hamman at the end of the year (31 December 2018). For some time Wessel has been
keen to leave the Board as he has significant other business commitments, and with the appointment of Danny Kitchen in
September, he is now able to leave with the Board in good shape and appropriately constituted. The Board wish to extend their
appreciation to Wessel for the exceptional role he has played in helping to guide and support the company since his appointment in
2011.

On 2 November 2018 the Board reorganised its Board Committees, with Wessel Hamman, who is not deemed to be an
independent Non-executive Director, stepping off the Nomination, Remuneration and Audit Committees and Danny Kitchen joining
the Nomination (as Chairman) and Remuneration Committees. This makes the composition of all the Committees in line with best
practice and the corporate governance codes relevant to the Company, and they will remain so once Wessel leaves the Board.

Outlook
As can be seen from the activity in the period, Sirius continues to be focused on both organic growth from existing assets as well as
acquisitive growth funded by equity placements and new banking facilities. The Company is also continuing to add to the organic
growth opportunity with selective recycling of assets focusing on the disposal of non-core and mature assets and replacing these
with assets with considerably more growth potential. The recycling will, over time, prove to be more accretive but the benefits from
growing the portfolio through new equity are not being ignored.

In the first half of the current financial year Sirius has achieved some significant milestones including exceeding the EUR1 billion mark
for assets owned, achieving a EUR69.3 million valuation uplift in a six month reporting period, new lettings of 83,888 sqm, a 43% year
on year increase in profit before tax and EUR6.6 million of annualised rent roll* signed in the period. In addition a 2.6% like-for-like
rental growth increase was achieved despite the impact from three expected large move-outs referred to earlier in this report. We
believe this performance is reflective of the Company's asset management strategy alongside the currently strong German market.

There remains much political uncertainty in Europe including the ongoing Brexit process, Italian debt issues as well as political
change coming in Germany. However the Sirius business model and diverse nature of its portfolio has always been a key strength
of the Company regardless of the strength or weakness of the economic and political landscape. The occupier demand within the
market for the asset types that Sirius own remains strong and on the transaction side, the demand for industrial assets and
secondary offices has never been greater.

The outlook seems to be for this to continue for some time and Sirius is very well positioned to take advantage of this if it continues,
or create new opportunities if it does not. With the portfolio being valued at a defensive 7.8% gross yield, as well as still having
significant amounts of value-add opportunity within the 19% vacancy in the portfolio, approximately half of which is going through
the Company's capex investment programmes, we can see considerable upside to come from income and capital growth over the
next few years. We will continue refuelling this opportunity with further asset recycling and acquisitions.

* See glossary section of the Interim Report.

Statement of Directors' responsibilities
Each of the Directors, whose names and functions appear below, confirm to the best of their knowledge that the condensed
consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', as issued by
the IASB, and the interim management report herein includes a fair review of the information required by the Disclosure and
Transparency Rules ("DTR"), namely:
- DTR 4.2.7 (R): an indication of important events that have occurred during the first six months of the financial year, and their
  impact on the condensed set of consolidated interim financial statements and a description of the principal risks and
  uncertainties for the remaining six months of the financial year; and
- DTR 4.2.8 (R): any related party transactions that have taken place in the six month period ended 30 September 2018 that
  have materially affected, and any changes in the related party transactions described in the 2018 Annual Report that could
  materially affect, the financial position or performance of the enterprise during the period.
The Directors of Sirius Real Estate Limited as at the date of this announcement are set out below:
- Danny Kitchen, Chairman*
- James Peggie, Senior Independent Director*
- Andrew Coombs, Chief Executive Officer
- Alistair Marks, Chief Financial Officer
- Wessel Hamman*
- Justin Atkinson*
- Jill May*
*Non-executive Directors.

A list of the current Directors is maintained on the Sirius Real Estate Limited website: www.sirius-real-estate.com.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs
from legislation in other jurisdictions.

By order of the Board

Danny Kitchen
Chairman

Independent review report to Sirius Real Estate Limited

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the
six months ended 30 September 2018 which comprises the unaudited consolidated statement of comprehensive income, the
unaudited consolidated statement of financial position, the unaudited consolidated statement of changes in equity, the unaudited
consolidated statement of cash flow and the related notes 1 to 24. We have read the other information contained in the interim
financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.

This report is made solely to the Company in accordance with guidance contained in International Standard on Review
Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"
issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our work, for this report, or for the conclusions we have formed.

Directors' Responsibilities

The interim financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the interim financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority, the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards Council.

As disclosed in note 2, the annual financial statements are prepared in accordance with IFRS. The condensed set of financial
statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34,
"Interim Financial Reporting".

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial
report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK and Ireland) "Review of
Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in
the interim financial report for the six months ended 30 September 2018 is not prepared, in all material respects, in accordance with
International Accounting Standard 34, the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority, the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and Financial
Pronouncements as issued by the Financial Reporting Standards Council.

Ernst & Young LLP
London
16 November 2018

Consolidated statement of comprehensive income
for the six months ended 30 September 2018

                                                                           (Unaudited)        (Unaudited)                     
                                                                            six months    (Re-presented*)                     
                                                                                 ended   six months ended   (Re-presented*)   
                                                                          30 September       30 September        Year ended   
                                                                                  2018               2017     31 March 2018   
                                                                  Notes         EUR000             EUR000            EUR000   
Revenue                                                               4         67,759             60,141           123,650   
Direct costs                                                          5       (31,664)           (30,105)          (60,578)   
Net operating income                                                            36,095             30,036            63,072   
Surplus on revaluation of investment properties                      12         56,161             41,580            63,452   
Gain/(loss) on disposal of properties                                 5             99              (807)           (2,502)   
Administrative expenses                                               5        (9,571)           (10,591)          (24,184)   
Operating profit                                                                82,784             60,218            99,838   
Finance income                                                        8             39                  5                13   
Finance expense                                                       8        (4,536)            (5,481)          (10,246)   
Change in fair value of derivative financial instruments                          (67)                  7                43   
Net finance costs                                                              (4,564)            (5,469)          (10,190)   
Profit before tax                                                               78,220             54,749            89,648   
Taxation                                                              9        (7,787)            (3,840)           (8,285)   
Profit and total comprehensive income for the period net of tax                 70,433             50,909            81,363   
Total comprehensive income attributable to:                                                                                   
Owners of the Company                                                           70,409             50,885            81,272   
Non-controlling interest                                                            24                 24                91   
Total comprehensive income for the period net of tax                            70,433             50,909            81,363   
Earnings per share                                                                                                            
Basic earnings per share                                             10          7.04c              5.69c             8.89c   
Diluted earnings per share                                           10          7.00c              5.54c             8.65c   
Basic EPRA earnings per share                                        10          2.15c              1.57c             3.04c   
Diluted EPRA earnings per share                                      10          2.14c              1.53c             2.96c   
Headline earnings per share                                          10          2.14c              1.58c             3.04c   
Diluted headline earnings per share                                  10          2.13c              1.53c             2.95c   

*   See note 2(b)
All operations of the Group have been classified as continuing.

Consolidated statement of financial position
as at 30 September 2018

                                                                          (Unaudited)
                                                        (Unaudited)   (Re-presented*)  (Re-presented*)
                                                  30 September 2018 30 September 2017    31 March 2018
                                          Notes              EUR000            EUR000           EUR000

Non-current assets
Investment properties                        12           1,044,953           856,417          913,843
Plant and equipment                                           2,892             2,814            3,126
Goodwill                                     14               3,738             3,738            3,738
Other non-current assets                      2               1,750             1,750            1,750
Deferred tax assets                           9                 402               573              811
Total non-current assets                                  1,053,735           865,292          923,268
Current assets
Trade and other receivables                  15              20,419            16,427           43,313
Derivative financial instruments                                853                —                 —
Cash and cash equivalents                    16              39,424            33,664           79,605
Total current assets                                         60,696            50,091          122,918
Investment properties held for sale          13               3,800               950           17,325
Total assets                                              1,118,231           916,333        1,063,511
Current liabilities
Trade and other payables                     17            (39,600)          (33,047)         (40,972)
Interest-bearing loans and borrowings        18             (7,998)           (6,026)          (7,844)
Current tax liabilities                                     (3,197)           (2,725)          (3,045)
Derivative financial instruments                                (7)               (7)              (6)
Total current liabilities                                  (50,802)          (41,805)         (51,867)
Non-current liabilities
Interest-bearing loans and borrowings        18           (354,143)         (286,659)        (359,234)
Derivative financial instruments                              (320)             (327)            (292)
Deferred tax liabilities                      9            (33,571)          (22,882)         (26,485)
Total non-current liabilities                             (388,034)         (309,868)        (386,011)
Total liabilities                                         (438,836)         (351,673)        (437,878)
Net assets                                                  679,395           564,660          625,633
Equity
Issued share capital                         20                  —                  —                —
Other distributable reserve                  21            502,649            488,801          519,320
Retained earnings                                          176,550             75,754          106,141
Total equity attributable to the owners of
of the Company                                             679,199            564,555          625,461
Non-controlling interest                                       196                105              172
Total equity                                               679,395            564,660          625,633

*   See note 2(b).

The financial statements on pages 12 to 31 were approved by the Board of Directors on 16 November 2018 and were signed on its
behalf by:

Danny Kitchen
Chairman

Consolidated statement of changes in equity
for the six months ended 30 September 2018

                                                                                   Total equity
                                                                                   attributable
                                                                                  to the equity
                                                  Issued         Other                  holders         Non-
                                                   share distributable   Retained        of the  controlling        Total
                                                 capital      reserve    earnings       Company     interest       equity
                                            Notes EUR000       EUR000      EUR000        EUR000       EUR000       EUR000
As at 31 March 2017                                    —      470,318      24,869       495,187           81      495,268
Shares issued, net of costs                            —       24,386           —        24,386            —       24,386
Share-based payment transactions                       —        2,475           —         2,475            —        2,475
Dividends paid                                         —      (8,378)           —       (8,378)            —      (8,378)
Total comprehensive income for the period              —            —      50,885        50,885           24       50,909
As at 30 September 2017 (unaudited)                    —      488,801      75,754       564,555          105      564,660
Shares issued, net of costs                            —       38,966           —        38,966            —       38,966
Share-based payment transactions                       —        1,199           —         1,199            —        1,199
Dividends paid                                         —      (9,646)           —       (9,646)            —      (9,646)
Total comprehensive income for the period              —            —      30,387        30,387           67       30,454
As at 31 March 2018                                    —      519,320     106,141       625,461          172      625,633
Shares issued, net of costs                            —         (30)           —          (30)            —         (30)
Share-based payment transactions               7       —      (3,062)           —       (3,062)            —      (3,062)
Dividends paid                                22       —     (13,579)           —      (13,579)            —     (13,579)
Total comprehensive income for the period              —            —      70,409        70,409           24       70,433
As at 30 September 2018 (unaudited)                    —      502,649     176,550       679,199          196      679,395

Consolidated statement of cash flow
for the six months ended 30 September 2018

                                                                                (Unaudited)       (Unaudited)
                                                                           six months ended  six months ended      Year ended
                                                                          30 September 2018 30 September 2017   31 March 2018
                                                                 Notes               EUR000            EUR000          EUR000
Operating activities
Profit and total comprehensive income for the period net of tax                      70,433            50,909          81,363
Taxation                                                             9                7,787             3,840           8,285
(Gain)/loss on sale of properties                                    5                 (99)               807           2,502
Share-based payments                                                                      -             2,475           4,310
Surplus on revaluation of investment properties                     12             (56,161)          (41,580)        (63,452)
Change in fair value of derivative financial instruments                                 67               (7)            (43)
Depreciation                                                         5                  696               561           1,086
Finance income                                                       8                 (39)               (5)            (13)
Finance expense                                                      8                4,536             4,950           8,898
Exit fees/prepayment of financing penalties                                               -               530           1,348
Changes in working capital
(Increase)/decrease in trade and other receivables                                  (2,396)             3,547         (2,730)
(Decrease)/increase in trade and other payables                                     (5,301)           (3,970)           2,271
Taxation (paid)                                                                       (168)              (22)           (756)
Cash flows from operating activities                                                 19,355            22,035          43,069
Investing activities
Purchase of investment properties                                                  (31,109)          (83,656)       (121,252)
Prepayments relating to new acquisitions                                            (9,568)             (395)        (34,585)
Capital expenditure                                                                (11,789)           (8,870)        (19,104)
Purchase of plant and equipment                                                       (462)             (809)         (1,649)
Proceeds on disposal of properties                                                   16,801            95,246         102,510
Interest received                                                                        39                 5              13
Cash flows (used in)/from investing activities                                     (36,088)             1,521        (74,067)
Financing activities
Issue of shares                                                                        (30)            24,378          63,352
Payment relating to exercise of share options                                       (3,062)                 -               -
Dividends paid                                                                     (13,579)           (8,378)        (18,024)
Proceeds from loans                                                                       -                 —          78,930
Repayment of loans                                                                  (3,980)          (50,379)        (53,551)
Exit fees/prepayment penalties                                                            -             (530)         (1,348)
Finance charges paid                                                                (2,797)           (3,677)         (7,451)
Cash flows (used in)/from financing activities                                     (23,448)          (38,586)          61,908
(Decrease)/increase in cash and cash equivalents                                   (40,181)          (15,031)          30,910
Cash and cash equivalents at the beginning of the period                             79,605            48,695          48,695
Cash and cash equivalents at the end of the period                  16               39,424            33,664          79,605

Notes forming part of the financial statements
for the six months ended 30 September 2018


1. General information
Sirius Real Estate Limited (the "Company") is a company incorporated in Guernsey and resident in the United Kingdom, whose
shares are publicly traded on the Main Markets of the London Stock Exchange ("LSE") (primary listing) and the Johannesburg
Stock Exchange ("JSE") (primary listing).

The consolidated financial information of the Company comprises that of the Company and its subsidiaries (together referred to as
the "Group") for the six month period to 30 September 2018.

The principal activity of the Group is the investment in, and development of, commercial property to provide conventional and
flexible workspace in Germany.

2. Significant accounting policies
(a) Basis of preparation
The unaudited interim condensed set of consolidated financial statements has been prepared on a historical cost basis, except for
investment properties, investment properties held for sale and derivative financial instruments, which have been measured at fair
value. The unaudited interim condensed set of consolidated financial statements is presented in euros and all values are rounded
to the nearest thousand (EUR000), except where otherwise indicated.

The financial information in these condensed consolidated half year financial statements do not comprise statutory accounts. These
condensed consolidated half year financial statements have been reviewed, not audited, by the Group's auditor, Ernst & Young
LLP, which issued an unmodified review opinion on the condensed consolidated half year financial statements, which are available
for inspection at the Company's offices. The financial information presented for the year ended 31 March 2018 is derived from the
statutory accounts for that year. Statutory accounts for the year ended 31 March 2018 were approved by the Board on 1 June 2018
and delivered to the Registrar of Companies. The report of the auditors on those accounts was (i) unqualified, (ii) did not include a
reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not
contain a statement under Sections 263 (2) or (3) of the Companies (Guernsey) Law, 2008.

The company has chosen to prepare its next annual consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS) as issued by the IASB as a result of primary listing on the JSE. The company previously prepared
consolidated financial information in accordance with IFRS as adopted by the EU. Accordingly, the condensed consolidated interim
financial information as at 30 September 2018 and the comparative periods have been prepared in accordance with IFRS as
issued by the IASB, specifically IAS 34 'Interim Financial Reporting'. There were no noted differences between IFRS as issued by
IASB and IFRS as adopted by the EU that are relevant to the company, including between IAS 34 as issued by IASB and IAS 34 as
adopted by the EU. Therefore, no changes to previously reported financial information were made as a result of this change in the
basis of preparation of financial statements.

As at 30 September 2018 the Group's consolidated interim financial statements reflect changes in the application of accounting
policies as described in note 2(b).

(b) Changes in accounting policies and other re-presentations
For the period beginning on 1 April 2018 the Group had to adopt IFRS 9 Financial Instruments and IFRS 15 Revenue from
Contracts with Customers for the first time. The adoption of these new standards and other amendments to existing standards and
interpretations effective from 1 January 2018, did not materially impact the condensed set of interim financial statements for the six
months ended 30 September 2018 and no retrospective adjustments were made.

IFRS 15 "Revenue from Contracts with Customers"
IFRS 15 replaced the existing regulations for the recognition of revenue in accordance with IAS 18 "Revenue" and IAS 11
"Construction Contracts". Consequently, revenues are recognised, when the customer obtains control over the agreed goods and
services and can derive benefits from these. IFRS 15 does not apply to rental income which make up approximately 60% of total
revenue of the Group, but does apply to other revenue streams, namely service charge income and also proceeds on disposal of
investment property. The first-time application of the standard has not had a material impact on the Condensed Consolidated
Statement of Comprehensive Income resulted or required disclosures.

IFRS 9 "Financial Instruments"
IFRS 9 provides a standardised approach for classification, measurement and derecognition of financial assets and liabilities,
introduces new rules for hedge accounting and a new impairment model for financial assets. There were no material changes
identified from adoption of the standard.

As part of the Group's review of the impact of adopting the amendments to IFRS the Group has taken the opportunity to revisit its
accounting policies. As a result the following adjustments were recorded to represent the financial statements:

Revenue and direct costs
The Group had previously a) incorrectly netted service charge income received from tenants against the direct costs to which the
income relates and b) incorrectly netted rental and other income from managed properties against costs relating to managed
properties. The Group has reassessed these treatments and concluded that it operates as a principal in both cases and that the
amounts should be recognised gross. The impact of this re-presentation is to increase revenue and direct costs by EUR24,840,000 at
30 September 2017 and by EUR51,511,000 at 31 March 2018.

There is no impact on basic, diluted, headline or adjusted earnings per share.

Investment properties held for sale
The Group had previously presented investment properties held for sale within current assets. In accordance with IFRS 5 and
industry practice, this has been represented separately from other assets in the statement of financial position. The impact of this
re-presentation is to decrease current assets by EUR950,000 at 30 September 2017 and by EUR17,325,000 at 31 March 2018.

There is no impact on basic, diluted, headline or adjusted earnings per share.

Other non-current assets
The Group has reallocated non-current guarantees amounting to EUR1,750,000 (30 September 2017: EUR1,750,000, 31 March 2018:
EUR1,750,000) from other receivables to other non-current assets which were previously incorrectly accounted for within current
assets.

There is no impact on basic, diluted, headline or adjusted earnings per share.

(c) Standards and interpretations in issue and not yet effective
IFRS 16 "Leases"
IFRS 16 replaces existing leases guidance, including IAS 17 'Leases', IFRIC 4 'Determining Whether an Arrangement Contains a
Lease', SIC-15 'Operating Leases - Incentives' and SIC-27 'Evaluating the Substance of Transactions Involving the Legal Form of
a Lease'.

The standard is effective for annual periods beginning on or after 1 January 2019. Early adoption is permitted for entities that apply
IFRS 15 at or before the date of initial application of IFRS 16.

IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a right-of-use asset
representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are
recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current
standard - i.e. lessors continue to classify leases as finance or operating leases.

The Group has completed an initial assessment of the potential impact on its consolidated financial statements but has not yet
completed its detailed assessment. The actual impact of applying IFRS 16 on the financial statements in the period of initial
application will depend on future economic conditions, including the Group's borrowing rate at 1 April 2019, the composition of the
Group's lease portfolio at that date, the Group's latest assessment of whether it will exercise any lease renewal options and the
extent to which the Group chooses to use practical expedients and recognition exemptions.

So far, the most significant impact identified is that the Group will recognise new assets and liabilities for its operating leases of
office buildings and leases for space relating to operating management contracts. As at 30 September 2018, the Group's future
minimum lease payments under non-cancellable operating leases are disclosed under note 23.

In addition, the nature of expenses related to those leases will now change as IFRS 16 replaces the straight-line operating lease
expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities.

As a lessee, the Group can either apply the standard using a:
-    retrospective approach; or
-    modified retrospective approach with optional practical expedients.

The Group plans to apply IFRS 16 initially on 1 April 2019 using the modified retrospective approach and will apply the election
consistently to all of its leases.

Therefore, the cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balance of retained
earnings at 1 April 2019, with no restatement of comparative information.

When applying the modified retrospective approach to leases previously classified as operating leases under IAS 17, the lessee
can elect, on a lease-by-lease basis, whether to apply a number of practical expedients on transition. The Group is assessing the
potential impact of using these practical expedients.

(d) Non-IFRS measures
The Directors have chosen to disclose EPRA earnings, which are widely used alternative metrics to their IFRS equivalents (further
details on EPRA best practice recommendations can be found at www.epra.com). Note 10 to the interim financial statements
includes a reconciliation of basic and diluted earnings to EPRA earnings.

The Directors are required, as part of the JSE Listing Requirements, to disclose headline earnings; accordingly, headline earnings
are calculated using basic earnings adjusted for revaluation surplus net of related tax and gain/loss on sale of properties net of
related tax. Note 10 to the interim financial statements includes a reconciliation between IFRS and headline earnings.

The Directors have chosen to disclose adjusted earnings in order to provide an alternative indication of the Group's underlying
business performance; accordingly, it excludes the effect of adjusting items net of related tax. Note 10 to the interim financial
statements includes a reconciliation of adjusting items included within adjusted earnings, with those adjusting items stated within
administrative expenses in note 5.

The Directors have chosen to disclose adjusted profit before tax and Funds from Operations in order to provide an alternative
indication of the Group's underlying business performance and to facilitate the calculation of its dividend pool; a reconciliation
between profit before tax and Funds from Operations is included within note 22 to the interim financial statements. Within adjusted
profit before tax are adjusting items as described above gross of related tax.

Further details on non-IFRS measures can be found in the business analysis section of this document.

(e) Statement of compliance
The condensed interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the
United Kingdom Financial Conduct Authority, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the listing requirements
of the Johannesburg Stock Exchange, JSE Limited, and IAS 34 'Interim Financial Reporting'. They do not include all of the
information required for the full annual financial statements and should be read in conjunction with the consolidated financial
statements of the Group as at and for the year ended 31 March 2018. The condensed interim financial statements have been
prepared on the basis of the accounting policies set out in the Group's annual financial statements for the year ended 31 March
2018 except for the changes in accounting policies as shown in note 2(b). The financial statements for the year ended 31 March
2018 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted for use in the EU.
The Group's annual financial statements refer to new standards and interpretations, none of which had a material impact on the
financial statements.

(f) Going concern
Having reviewed the Group's current trading and cash flow forecasts, together with sensitivities and mitigating factors and the
available facilities, the Board has a reasonable expectation that the Group has adequate resources to continue in operational
existence for at least twelve months from the date these financial statements are approved. Accordingly, the Board continued to
adopt the going concern basis in preparing these financial statements.

(g) Principal risks and uncertainties
The key risks that could affect the Group's medium-term performance and the factors which mitigate these risks have not materially
changed from those set out on pages 39 to 46 of the Group's Annual Report and Accounts 2018 and have been assessed in line
with the requirements of the 2016 UK Corporate Governance Code. The risks are reproduced below. The Board is satisfied that the
Company continues to operate within its risk profile for the remaining six months of the financial year.

Principal risks summary
Risk category                Principal risk(s)
1. Financing                 - Availability and pricing of debt
                             - Compliance with facility covenants
2. Valuation                 - Property inherently difficult to value
                             - Susceptibility of property market to change in value
3. Market                    - Reliance on Germany
                             - Reliance on SME market
4. Acquisitive growth        - Failure to acquire suitable properties with desired returns
5. Organic growth            - Failure to deliver capex investment programme
                             - Failure to achieve targeted returns from investment
6. Customer                  - Decline in demand for space
                             - Significant tenant move-outs or insolvencies
                             - Exposure to tenants' inability to meet rental and other lease commitments
7. Regulatory and tax        - Non-compliance with tax or regulatory obligations
8. People                    - Inability to recruit and retain people with the appropriate skillset to deliver the Group strategy
9. Systems and data          - System failures and loss of data
                             - Security breaches
                             - Data protection

3. Operating segments
The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment, and in one
geographical area, Germany. All rental and other income is derived from operations in Germany. There is no one tenant that
represents more than 10% of Group revenues. The chief operating decision maker is considered to be the Senior Management
Team, which is provided with consolidated IFRS information on a monthly basis.

4. Revenue                                                                                                        
                                                                                  (Unaudited)                     
                                                           (Unaudited)        (Re-presented*)   (Re-presented*)   
                                                      six months ended       six months ended        Year ended   
                                                     30 September 2018    8 30 September 2017     31 March 2018   
                                                                EUR000                 EUR000            EUR000   
Rental and other income from investment properties              40,778                 34,990            71,782   
Service charge income                                           21,665                 20,466            41,561   
Rental and other income from managed properties                  5,316                  4,685            10,307   
Total revenue                                                   67,759                 60,141           123,650   


*   See note 2(b).

Other income relates primarily to income associated with conferencing and catering.

5. Operating profit
The following items have been charged in arriving at operating profit:

Direct costs                                                                                        
                                                                                  (Unaudited)                     
                                                           (Unaudited)        (Re-presented*)   (Re-presented*)   
                                                      six months ended       six months ended        Year ended   
                                                     30 September 2018      30 September 2017     31 March 2018   
                                                                EUR000                 EUR000            EUR000   
Service charge costs                                            25,727                 24,715            48,729   
Costs relating to managed properties                             5,143                  4,374             9,950   
Non-recoverable maintenance                                        794                  1,016             1,899   
Direct costs                                                    31,664                 30,105            60,578   


*   See note 2(b).

Gain on disposal of properties
The gain on disposal of properties of EUR99,000 (30 September 2017: EUR807,000 loss) relates to the disposal of the Bremen
Brinkmann site which completed in June 2018.

Administrative expenses
                                                           (Unaudited)            (Unaudited)
                                                      six months ended       six months ended        Year ended
                                                     30 September 2018      30 September 2017     31 March 2018
                                                                EUR000                 EUR000            EUR000
Audit fee                                                          185                    174               350
Legal and professional fees                                      1,595                  1,129             2,431
Other administration costs                                         381                     90             1,278
LTIP and SIP                                                         —                  2,148             4,310
Staff costs                                                      5,524                  5,383            11,069
Director fees and expenses                                         267                    166               350
Depreciation                                                       696                    561             1,086
Marketing                                                          853                    880             1,745
Selling costs relating to assets held for sale                      97                      —                52
Non-recurring items                                               (27)                     60             1,513
Administrative expenses                                          9,571                 10,591            24,184

Non-recurring items relate to a legal claim accrual adjustment (30 September 2017: Main Market listing costs).

6. Employee costs and numbers
                                                           (Unaudited)            (Unaudited)  
                                                      six months ended       six months ended        Year ended
                                                     30 September 2018      30 September 2017     31 March 2018
                                                                EUR000                 EUR000            EUR000
Wages and salaries                                               6,647                  8,027            16,355
Social security costs                                            1,240                  1,381             2,927
Pension                                                            115                     91               204
Other employment costs                                              19                     44                95
                                                                 8,021                  9,543            19,581

The costs for the periods ended 30 September 2017 and 31 March 2018 included accruals of EUR2,148,000 and EUR3,541,000 relating
to the granting or award of shares under LTIPs (see note 7) and nil costs for the six month period ended 30 September 2018
relating to the previous LTIP award. The costs for all periods include those relating to Executive Directors.

All employees are employed directly by one of the following Group subsidiary companies: Sirius Facilities GmbH, Sirius Facilities
(UK) Limited, Curris Facilities & Utilities Management GmbH, SFG NOVA GmbH, Sirius Finance (Guernsey) Limited and Sirius
Corporate Services B.V. The average number of people employed by the Group during the period was 243 (30 September 2017:
224; 31 March 2018: 232) expressed in full-time equivalents. In addition, the Board of Directors consists of five Non-executive
Directors and two Executive Directors as at 30 September 2018.

7. Employee schemes
Equity-settled share-based payments
The 2015 LTIP for the benefit of the Executive Directors and the Senior Management Team was approved in October 2015. The
fair value determined at the grant date was expensed on a straight-line basis over the vesting period, based on the Company's
estimate of the shares that would eventually vest and adjusted for the effect of non-market-based vesting conditions. Under the
LTIP, the awards were granted in the form of whole shares at no cost to the participants. Shares vested after the three year
performance period and include a holding period of twelve months. The performance conditions used to determine the vesting of
the award were based on net asset value and total shareholder return allowing vesting of 0% to a maximum of 125%. As a result, a
maximum of 25,150,000 shares were granted, subject to performance criteria, under the scheme in December 2015.

The 2015 LTIP vested based on performance conditions assessed over the three years to 31 March 2018, and a separate
assessment based on total shareholder return assessed up to the 20 th business day after the announcement of the results for the
year ended 31 March 2018. Vesting was at the maximum level for all participants resulting in the exercising of 14,804,000 shares in
the period and the forfeiting of 4,290,000 relating to partial settlement of certain participants' tax liabilities arising in respect of the
vesting. In June 2018 participants in the scheme surrendered, for nil cost, 4% of the awards granted to them amounting to 756,000
shares in order to make employees of the Group shareholders. Of the balance outstanding of 4,756,000 at the end of the period,
756,000 relating to surrendered shares are expected to be exercised following the announcement of the results for the year ended
31 March 2019 with the remaining 4,000,000 subject to nil cost options which can be exercised at any time up to 2 July 2019.

As the fair value determined at the grant date was expensed on a straight-basis over the vesting period an expense of EURnil (30
September 2017: EUR2,148,000; 31 March 2018: EUR2,617,000) was recognised in the statement of comprehensive income to 30
September 2018.

Movements in the number of shares outstanding are as follows:
                                                                              (Unaudited)
                                                                           six months ended
                                                                          30 September 2018             Year ended 31 March 2018
                                                                                         Weighted                          Weighted
                                                                                          average                           average
                                                                                         exercise                          exercise
                                                                        Number of           price        Number of            price
                                                                           shares          EUR000           shares           EUR000
Balance outstanding as at the beginning
of the period (nil exercisable)                                        23,850,000               —       23,850,000                —
Forfeited during the period                                           (4,290,000)               —                —                —
Exercised during the period                                          (14,804,000)               —                —                —
Balance outstanding as at the end of the period                         4,756,000               —       23,850,000                —


Employee benefit schemes
During the period a total of 14,804,000 shares were issued to the Company's management team as part of the 2015 LTIP.

A reconciliation of share-based payments and employee benefit schemes and their impact on the consolidated statement of
changes in equity is as follows:
                                                                                    (Unaudited)       (Unaudited)
                                                                               six months ended  six months ended         Year ended
                                                                              30 September 2018 30 September 2017      31 March 2018
                                                                                         EUR000            EUR000             EUR000
Charge relating to MSP                                                                        —               327                326
Charge relating to new LTIP                                                                   —             2,148              2,617
Charge relating to new SIP                                                                    —                 —                731
Value of shares withheld to settle employee tax obligations                             (3,062)                 —                  —
Share-based payment transactions as per
consolidated statement of changes in equity                                             (3,062)             2,475              3,674


The MSP ("Matching Share Plan") was terminated in respect of any new awards with effect from 1 April 2017.


8. Finance income and expense
                                                                                    (Unaudited)       (Unaudited)
                                                                               six months ended  six months ended        Year ended
                                                                              30 September 2018 30 September 2017     31 March 2018
                                                                                         EUR000            EUR000            EUR000
Bank interest income                                                                         39                 5                13
Finance income                                                                               39                 5                13
Bank loan interest expense                                                              (3,779)           (3,432)           (6,721)
Bank charges                                                                              (100)              (65)             (145)
Amortisation of capitalised finance costs                                                 (657)             (594)           (1,173)
Refinancing costs                                                                            —            (1,390)           (2,207)
Finance expense                                                                         (4,536)           (5,481)          (10,246)
Net finance expense                                                                     (4,497)           (5,476)          (10,233)


9. Taxation
Consolidated statement of comprehensive income
                                                                                  (Unaudited)       (Unaudited)
                                                                             six months ended  six months ended          Year ended
                                                                            30 September 2018 30 September 2017       31 March 2018
                                                                                       EUR000            EUR000              EUR000
Current income tax
Current income tax charge                                                               (105)             (226)               (604)
Current income tax charge relating to disposals of investment properties                (170)           (2,061)             (1,921)
Accrual relating to tax treatment of swap break                                          (17)                 —               (839)
Adjustment in respect of prior periods                                                      —                 4                   —
Total current income tax                                                                (292)           (2,283)             (3,364)
Deferred tax
Relating to origination and reversal of temporary differences                         (7,086)           (1,890)             (5,492)
Relating to LTIP charge for the period                                                  (409)               333                 571
Total deferred tax                                                                    (7,495)           (1,557)             (4,921)
Income tax charge reported in the statement of comprehensive income                   (7,787)           (3,840)             (8,285)

Deferred income tax liability
                                                                                      (Unaudited)       (Unaudited)
                                                                                30 September 2018 30 September 2017   31 March 2018
                                                                                           EUR000            EUR000          EUR000
Opening balance                                                                          (26,485)          (20,993)        (20,993)
Release due to disposals                                                                      150             4,845           4,883
Taxes on the revaluation of investment properties                                         (7,236)           (6,734)        (10,375)
Balance as at period end                                                                 (33,571)          (22,882)        (26,485)

Deferred income tax asset
                                                                                      (Unaudited)       (Unaudited)
                                                                                30 September 2018 30 September 2017   31 March 2018
                                                                                           EUR000            EUR000          EUR000
Opening balance                                                                               811               240             240
Relating to LTIP charge for the period                                                      (409)               333             571
Balance as at period end                                                                      402               573             811


The Group is mainly subject to taxation in Germany with the income from the Germany-located rental business with a tax rate of
15.825%. It has tax losses of EUR287,398,000 (31 March 2018: EUR261,763,000) that are available for offset against future profits of its
subsidiaries in which the losses arose under the restrictions of the minimum taxation rule. Deferred tax assets have not been
recognised in respect of the revaluation losses on investment properties and interest rate swaps as they may not be used to offset
taxable profits elsewhere in the Group as realisation is not assured. Deferred tax assets have been recognised in respect of the
valuation of the Company LTIP.

10. Earnings per share
The calculation of the basic, diluted, headline and adjusted earnings per share is based on the following data:

                                                                                      (Unaudited)       (Unaudited)
                                                                                 six months ended  six months ended      Year ended
                                                                                30 September 2018 30 September 2017   31 March 2018
                                                                                           EUR000            EUR000          EUR000
Earnings attributable to the owners of the Company
Basic earnings                                                                             70,409            50,885          81,272
Diluted earnings                                                                           70,409            50,885          81,272
EPRA earnings                                                                              21,496            14,080          27,783
Diluted EPRA earnings                                                                      21,496            14,080          27,783
Headline earnings                                                                          21,412            14,085          27,755
Diluted headline earnings                                                                  21,412            14,085          27,755
Adjusted
Basic earnings                                                                             70,409            50,885          81,272
Deduct revaluation surplus, net of related tax                                           (49,069)          (39,668)        (57,940)
Add loss/deduct gain on sale of properties, net of related tax                                 72             2,868           4,423
Headline earnings after tax                                                                21,412            14,085          27,755
Add/(deduct) change in fair value of derivative financial instrument,
net of related tax                                                                             60              (29)            (63)
Add adjusting items*, net of related tax                                                      496             3,265           8,349
Adjusted earnings after tax                                                                21,968            17,321          36,041
Number of shares
Weighted average number of ordinary shares for the purpose of basic, headline,
adjusted and basic EPRA earnings per share                                            999,625,521       894,104,933     914,479,339
Weighted average number of ordinary shares for the purpose of diluted
earnings, diluted headline earnings, diluted adjusted earnings
and diluted EPRA earnings per share                                                 1,005,446,521       917,954,933     939,394,339
Basic earnings per share                                                                    7.04c             5.69c           8.89c
Diluted earnings per share                                                                  7.00c             5.54c           8.65c
Basic EPRA earnings per share                                                               2.15c             1.57c           3.04c
Diluted EPRA earnings per share                                                             2.14c             1.53c           2.96c
Headline earnings per share                                                                 2.14c             1.58c           3.04c
Diluted headline earnings per share                                                         2.13c             1.53c           2.95c
Adjusted earnings per share                                                                 2.20c             1.94c           3.94c
Adjusted diluted earnings per share                                                         2.18c             1.89c           3.84c

*   See reconciliation between adjusting items as stated within earnings per share and those stated within administrative expenses in note 5 below.

                                                                                        (Unaudited)        (Unaudited)
                                                                                   six months ended  six months ended         Year ended
                                                                                  30 September 2018 30 September 2017      31 March 2018
                                                                                             EUR000            EUR000             EUR000
Non-recurring items as per note 5                                                              (27)                60              1,513
Finance restructuring costs as per note 8                                                         —             1,390              2,207
Selling costs relating to assets held for sale as per note 5                                     97                 —                 52
LTIP and SIP                                                                                      —             2,148              4,310
Change in deferred tax assets as per note 9                                                     409             (333)              (571)
Accrual relating to tax treatment of swap break as per note 9                                    17                 —                839
Adjusting items as per note 10                                                                  496             3,265              8,349

The Directors have chosen to disclose adjusted earnings per share in order to provide an alternative indication of the Group's
underlying business performance; accordingly, it excludes the effect of adjusting items net of related tax, gains/losses on sale of
properties net of related tax, the revaluation deficits/surpluses on the investment properties net of related tax and derivative
financial instruments net of related tax.

In addition, the Directors have chosen to disclose EPRA earnings in order to assist in comparisons with similar businesses. The
reconciliation between basic and diluted earnings and EPRA earnings is as follows:

EPRA earnings
                                                                                       (Unaudited)       (Unaudited)
                                                                                  six months ended  six months ended         Year ended
                                                                                 30 September 2018 30 September 2017      31 March 2018
                                                                                            EUR000            EUR000             EUR000
Basic and diluted earnings attributable to owners of the Company                            70,409            50,885             81,272
Surplus on revaluation of investment properties                                           (56,161)          (41,580)           (63,452)
Loss on disposal of properties (including tax)                                                  72             2,868              4,423
Change in fair value of derivative financial instruments                                        67               (7)               (43)
Deferred tax in respect of EPRA adjustments                                                  7,086             1,890              5,492
Non-controlling interests in respect of the above                                               24                24                 91
EPRA earnings                                                                               21,496            14,080             27,783


For the calculation of basic, headline, adjusted and diluted earnings per share the number of shares has been reduced by 574,892
shares (30 September 2017: 574,892 shares; 31 March 2018: 574,892 shares), which are held by the Company as Treasury
Shares at 30 September 2018.

The weighted average number of shares for the purpose of diluted, EPRA diluted, headline diluted and adjusted diluted earnings
per share is calculated as follows:
                                                                                        (Unaudited)       (Unaudited)
                                                                                  30 September 2018 30 September 2017      31 March 2018
                                                                                   Number of shares  Number of shares   Number of shares
Weighted average number of ordinary shares for the purpose of basic, basic
EPRA, headline and adjusted earnings per share                                          999,625,521       894,104,933        914,479,339
Effect of grant of SIP shares                                                             1,065,000                —           1,065,000
Effect of grant of LTIP shares                                                            4,756,000        23,850,000         23,850,000
Weighted average number of ordinary shares for the purpose of diluted
and EPRA diluted earnings per share                                                   1,005,446,521       917,954,933        939,394,339


The Company has chosen to report EPRA earnings per share ("EPRA EPS"). EPRA EPS is a definition of earnings as set out by
the European Public Real Estate Association. EPRA earnings represents earnings after adjusting for property revaluation, changes
in fair value of derivative financial instruments, profits and losses on disposals and deferred tax in respect of EPRA adjustments.

11. Net asset value per share
                                                                                      (Unaudited)       (Unaudited)
                                                                                30 September 2018 30 September 2017   31 March 2018
                                                                                           EUR000            EUR000          EUR000
Net asset value
Net asset value for the purpose of assets per share (assets attributable to the
equity holders of the Company)                                                            679,199           564,555         625,461
Deferred tax arising on revaluation surplus and LTIP valuation                             33,169            22,310          25,674
Derivative financial instruments                                                            (526)               334             298
Adjusted net asset value attributable to the owners of the Company                        711,842           587,199         651,433
Number of shares
Number of ordinary shares for the purpose of net asset value per share              1,009,421,826       926,153,673     991,329,614
Number of ordinary shares for the purpose of EPRA net asset value per share         1,015,242,826       950,003,673   1,016,244,614
Net assets per share                                                                       67.29c            60.96c          63.09c
Adjusted net asset value per share                                                         70.52c            63.40c          65.71c
EPRA net asset value per share                                                             70.16c            61.87c          64.18c
Net asset value at the end of the year (basic)                                            679,199           564,555         625,461
Derivative financial instruments at fair value                                              (526)               334             298
Deferred tax in respect of EPRA adjustments                                                33,571            22,882          26,485
EPRA net asset value                                                                      712,244           587,771         652,244


The Company has chosen to report EPRA net asset value per share ("EPRA NAV per share"). EPRA NAV per share is a definition
of net asset value as set out by the European Public Real Estate Association. EPRA NAV represents net asset value after adjusting
for derivative financial instruments and deferred tax relating to valuation movement and derivatives. EPRA NAV per share takes
into account the effect of the granting of shares relating to long-term incentive plans.

The number of shares has been reduced by 574,892 shares (31 March 2018: 574,892 shares), which are held by the Company as
Treasury Shares at 30 September 2018 for the calculation of net asset value and adjusted net asset value per share.

12. Investment properties
The movement in the book value of investment properties is as follows:
                                                                                      (Unaudited)       (Unaudited)
                                                                                30 September 2018 30 September 2017   31 March 2018
                                                                                           EUR000            EUR000          EUR000
Total investment properties at book value as at the beginning of the period*              913,843           727,295         727,295
Additions                                                                                  65,694            83,656         127,799
Capital expenditure                                                                        13,055            11,926          20,662
Disposals                                                                                       —           (7,090)         (8,040)
Reclassified as investment properties held for sale                                       (3,800)             (950)        (17,325)
Surplus on revaluation above capex                                                         56,310            36,797          58,971
Adjustment in respect of lease incentives                                                   (149)             (185)           (487)
Movement in Directors' impairment of non-core assets                                            —             4,968           4,968
Total investment properties at book value as at the end of the period*                  1,044,953           856,417         913,843
*   Excluding items held for sale.



The reconciliation of the valuation carried out by the external valuer to the carrying values shown in the statement of financial
position is as follows:
                                                                                        (Unaudited)       (Unaudited)
                                                                                  30 September 2018 30 September 2017    31 March 2018
                                                                                             EUR000            EUR000           EUR000
Investment properties at market value per valuer's report*                                1,048,600           859,600          917,340
Adjustment in respect of lease incentives                                                   (3,647)           (3,183)          (3,497)
Balance as at period end                                                                  1,044,953           856,417          913,843
*   Excluding assets held for sale.

The fair value (market value) of the Group's investment properties at 30 September 2018 has been arrived at on the basis of a
valuation carried out at that date by Cushman & Wakefield LLP (2017: Cushman & Wakefield LLP), an independent valuer
accredited in terms of the RICS.

The value of each of the properties has been assessed in accordance with the RICS valuation standards on the basis of market
value.

The valuation is based upon assumptions including future rental income, anticipated non-recoverable and maintenance costs,
expected capital expenditure and an appropriate discount rate. The properties are valued on the basis of a discounted cash flow
model using a range of 10-14 years supported by comparable evidence. The discounted cash flow calculation is a valuation of
rental income considering non-recoverable costs and applying a discount rate for the current income risk over the measurement
period. At the end of the period in which the cash flow is modelled, a determining residual value (exit scenario) is calculated. A
capitalisation rate is applied to the more uncertain future income, discounted to present value.

The weighted average lease expiry remaining across the whole portfolio at 30 September 2018 was 2.8 years (31 March 2018: 2.6
years).

As a result of the level of judgement and estimations used in arriving at the market valuations, the amounts that may ultimately be
realised in respect of any given property may differ from the valuations shown in the statement of financial position.

The reconciliation of surplus on revaluation above capex as per the statement of comprehensive income is as follows:

                                                                                        (Unaudited)       (Unaudited)
                                                                                  30 September 2018 30 September 2017      31 March 2018
                                                                                             EUR000            EUR000             EUR000
Surplus on revaluation above capex                                                           56,310            36,797             58,971
Adjustment in respect of lease incentives                                                     (149)             (185)              (487)
Movement in Directors' impairment of non-core assets                                              —             4,968              4,968
Surplus on revaluation of investment properties reported in the statement
of comprehensive income                                                                      56,161            41,580             63,452


Included in the surplus on revaluation of investment properties reported in the statement of comprehensive income are gross gains
of EUR59.5 million and gross losses of EUR3.3 million (31 March 2018: gross gains of EUR72.9 million and gross losses of EUR9.4 million).

Every transaction is assessed as either an asset acquisition or a business combination. During the period it was assessed that all
investment properties purchased in the period should be accounted for as asset acquisitions due to the fact that Sirius implements
its own internal processes and the key elements of the infrastructure of the business were not purchased.

Other than the capital commitments disclosed in note 23 the Group is under no contractual obligation to purchase, construct or
develop any investment property. The Group is responsible for routine maintenance to the investment properties.

All investment properties are categorised as Level 3 fair values as they use significant unobservable inputs. There have not been
any transfers between levels during the year. Investment properties have been classed according to their real estate sector.
Information on these significant unobservable inputs per class of investment property is disclosed below:

As at 30 September 2018
Sector                           Market value (EUR) Technique            Significant assumption                                      Range
Traditional business park        649,540,000 Discounted cash flow        Current rental income                            EUR81k-EUR6,091k
                                                                         Market rental income                            EUR424k-EUR5,932k
                                                                         Gross initial yield                                    1.4%-10.3%
                                                                         Discount factor                                        4.5%-11.8%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                    EUR67-EUR1,045
Modern business park             239,220,000 Discounted cash flow        Current rental income                           EUR451k-EUR3,137k
                                                                         Market rental income                            EUR478k-EUR3,474k
                                                                         Gross initial yield                                     5.4%-8.6%
                                                                         Discount factor                                         4.6%-7.6%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                   EUR565-EUR1,546
Office                           159,840,000 Discounted cash flow        Current rental income                             EUR5k-EUR3,084k
                                                                         Market rental income                            EUR518k-EUR3,449k
                                                                         Gross initial yield                                     0.1%-8.4%
                                                                         Discount factor                                         5.0%-7.6%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                   EUR593-EUR1,347


As at 31 March 2018
Sector                           Market value (EUR) Technique            Significant assumption                                      Range
Traditional business park        580,110,000 Discounted cash flow        Current rental income                           EUR190k-EUR5,858k
                                                                         Market rental income                            EUR424k-EUR5,800k
                                                                         Gross initial yield                                    0.7%-14.9%
                                                                         Discount factor                                        5.8%-12.0%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                      EUR67-EUR967
Modern business park             216,400,000 Discounted cash flow        Current rental income                           EUR455k-EUR3,020k
                                                                         Market rental income                            EUR478k-EUR3,469k
                                                                         Gross initial yield                                     4.2%-8.9%
                                                                         Discount factor                                         6.1%-8.5%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                   EUR522-EUR1,426
Office                           120,830,000 Discounted cash flow        Current rental income                             EUR0k-EUR2,045k
                                                                         Market rental income                            EUR537k-EUR2,135k
                                                                         Gross initial yield                                    0.0%-10.1%
                                                                         Discount factor                                         6.3%-8.1%
                                                                         Void period (months)                                        12-24
                                                                         Estimated capital value per sqm                   EUR575-EUR1,290


The valuation is performed on a lease-by-lease basis due to the mixed-use nature of the sites. This gives rise to large ranges in the
inputs.

As a result of the level of judgement and estimates used in arriving at the market valuations, the amounts which may ultimately be
realised in respect of any given property may differ from the valuations shown in the statement of financial position. For example,
an increase in market rental values of 5% would lead to an increase in the fair value of the investment properties of EUR53,690,000
and a decrease in market rental values of 5% would lead to a decrease in the fair value of the investment properties of
EUR53,690,000. Similarly, an increase in the discount rates of 0.25% would lead to a decrease in the fair value of the investment
properties of EUR22,230,000 and a decrease in the discount rates of 0.25% would lead to an increase in the fair value of the
investment properties of EUR22,590,000.

The highest and best use of properties do not differ from their current use.
13. Investment properties held for sale
                                                                                    (Unaudited)       (Unaudited)
                                                                              30 September 2018 30 September 2017    31 March 2018
                                                                                         EUR000            EUR000           EUR000
Bremen Brinkman                                                                               —                 —           15,500
Rostock land                                                                                  —                 —            1,200
Markgröningen residential                                                                     —                 —              625
Berlin Tempelhof land                                                                         —               950                —
Bremen HAG                                                                                3,800                 —                —
Balance as at period end                                                                  3,800               950           17,325


Investment properties held for sale at 30 September 2018 is EUR3,800,000 (31 March 2018: EUR17,325,000), representing the Bremen
HAG asset that was notarised for sale in the period and completed shortly thereafter. A loss of EUR130,000 was recognised in the
surplus on revaluation of investment properties within the consolidated statement of comprehensive income in the period.

14. Goodwill
                                                                                     (Unaudited)       (Unaudited)
                                                                               30 September 2018 30 September 2017   31 March 2018
                                                                                          EUR000            EUR000          EUR000
Opening balance                                                                            3,738             3,738           3,738
Closing balance                                                                            3,738             3,738           3,738


On 30 January 2012 a transaction was completed to internalise the Asset Management Agreement and, as a result of the
consideration given exceeding the net assets acquired, goodwill of EUR3,738,000 was recognised. Current business plans indicate
that the balance is unimpaired.
15. Trade and other receivables
                                                                                     (Unaudited)       (Unaudited)
                                                                               30 September 2018 30 September 2017   31 March 2018
                                                                                          EUR000            EUR000          EUR000
Trade receivables                                                                          1,822             2,088           3,899
Other receivables                                                                          7,305            12,276           3,773
Prepayments                                                                               11,292             2,063          35,641
Balance as at period end                                                                  20,419            16,427          43,313


Other receivables include lease incentives of EUR3,647,000 (31 March 2018: EUR3,497,000).

Prepayments include costs totalling EUR9,568,000 (31 March 2018: EUR34,585,000) relating to the acquisition of a new site that was
notarised in July 2018 and completed shortly after the period end.

16. Cash and cash equivalents
                                                                                     (Unaudited)       (Unaudited)
                                                                               30 September 2018 30 September 2017   31 March 2018
                                                                                          EUR000            EUR000          EUR000
Cash at bank                                                                              24,932            12,954          64,414
Restricted cash                                                                           14,492            20,710          15,191
Balance as at period end                                                                  39,424            33,664          79,605


Cash at bank earns interest at floating rates based on daily bank deposit rates. The fair value of cash as at 30 September 2018 is
EUR39,424,000 (31 March 2018: EUR79,605,000).

As at 30 September 2018, EUR14,492,000 (31 March 2018: EUR15,191,000) of cash is held in restricted accounts. EUR9,048,000 (31 March
2018: EUR8,256,000) relates to deposits received from tenants. An amount of EUR16,000 (31 March 2018: EUR16,000) is cash held in
escrow as required by a supplier and EUR131,000 (31 March 2018: EUR131,000) is held in restricted accounts for office rent deposits. An
amount of EUR2,929,000 (31 March 2018: EUR3,344,000) relates to amounts reserved for future bank loan interest and amortisation
payments, pursuant to certain of the Group's banking facilities, and an amount of EUR2,368,000 (31 March 2018: EUR3,268,000) relates
to amounts reserved for future capital expenditure.

17. Trade and other payables
                                                                                   (Unaudited)       (Unaudited)
                                                                             30 September 2018 30 September 2017   31 March 2018
                                                                                        EUR000            EUR000          EUR000
Trade payables                                                                           5,489             6,581           6,381
Accrued expenses                                                                        15,011            11,503          14,453
Accrued interest and amortisation                                                        3,164             2,137           2,031
Other payables                                                                          15,936            12,826          18,107
Balance as at period end                                                                39,600            33,047          40,972


Other payables include tenant deposits of EUR9,240,000 (31 March 2018: EUR8,737,000) and cash received in advance from tenants of
EUR3,981,992 (31 March 2018: EUR3,475,000).

Accrued expenses include costs totalling EUR6,781,000 (31 March 2018: EUR5,626,000) relating to service charge costs that have not
been invoiced.

18. Interest-bearing loans and borrowings
                                                                                   (Unaudited)     (Unaudited)
                                                  Effective                       30 September    30 September
                                              interest rate                               2018            2017   31 March 2018
                                                          %           Maturity          EUR000          EUR000          EUR000
Current
Deutsche Genossenschafts-Hypothekenbank AG
- fixed rate facility                                  1.59      31 March 2021             320             320             320
Bayerische Landesbank
- hedged floating rate facility                     Hedged*    19 October 2020             508             508             508
SEB AG
- fixed rate facility                                  1.84   1 September 2022           1,180           1,180           1,180
- hedged floating rate facility                    Hedged**    30 October 2024             459               —             229
- capped floating rate facility                   Capped***      25 March 2025             760               —             760
Berlin Hyp AG/Deutsche Pfandbriefbank AG
- fixed rate facility                                  1.66      27 April 2023           2,572           2,310           2,551
Berlin Hyp AG
- fixed rate facility                                  1.48    29 October 2023           1,813           1,773           1,799
K-Bonds I
- fixed rate facility                                  6.00       31 July 2020           1,000           1,000           1,000
Saarbrücken Sparkasse
- fixed rate facility                                  1.53   28 February 2025             731               —             726
Capitalised finance charges on all loans                                               (1,345)         (1,065)         (1,229)
                                                                                         7,998           6,026           7,844
Non-current
Deutsche Genossenschafts-Hypothekenbank AG
- fixed rate facility                                  1.59      31 March 2021          13,880          14,200          14,040
Bayerische Landesbank
- hedged floating rate facility                     Hedged*    19 October 2020          23,352          23,860          23,606
SEB AG
- fixed rate facility                                  1.84   1 September 2022          54,280          55,755          54,870
- hedged floating rate facility                    Hedged**    30 October 2024          22,471               —          22,701
- capped floating rate facility                   Capped***      25 March 2025          36,860               —          37,240
Berlin Hyp AG/Deutsche Pfandbriefbank AG
- fixed rate facility                                  1.66      27 April 2023         80,263           83,679          81,554
Berlin Hyp AG
- fixed rate facility                                  1.48    29 October 2023          64,787          66,613          65,697
K-Bonds I
- fixed rate facility                                  4.00       31 July 2023          45,000          45,000          45,000
- fixed rate facility                                  6.00       31 July 2020           1,000           2,000           2,000
Saarbrücken Sparkasse
- fixed rate facility                                  1.53   28 February 2025          16,907               —          17,274
Capitalised finance charges on all loans                                               (4,657)         (4,448)         (4,748)
                                                                                       354,143         286,659         359,234
Total                                                                                  362,141         292,685         367,078

*   This facility is hedged with a swap charged at a rate of 1.66%.
**  Tranche 1 of this facility is fully hedged with a swap charged at a rate of 2.58%; tranche 2 of this facility is fully hedged with a swap charged at a rate of 2.56%.
*** This facility is hedged with a cap rate at 0.75% and charged with a floating rate of 1.58% over six month EURIBOR (not less than 0%) for the full term of the loan.

The Group has pledged 46 (31 March 2018: 44) investment properties to secure several separate interest-bearing debt facilities
granted to the Group. The 46 (31 March 2018: 44) properties had a combined valuation of EUR965,927,387 as at 30 September 2018
(31 March 2018: EUR872,408,000).

Deutsche Genossenschafts-Hypothekenbank AG
On 24 March 2016, the Group agreed to a facility agreement with Deutsche Genossenschafts-Hypothekenbank AG for EUR16.0
million. As at 31 March 2017 tranche 1 had been drawn down in full totalling EUR15.0 million. The loan terminates on 31 March 2021.
Amortisation is 2% per annum with the remainder of the loan due in the fifth year. The facility is charged at a fixed interest rate of
1.59%. The facility is secured over one property asset and is subject to various covenants with which the Group has complied. No
changes have occurred during the six month period ended 30 September 2018.

Bayerische Landesbank
On 20 October 2015, the Group agreed to a facility agreement with Bayerische Landesbank for EUR25.4 million. The loan terminates
on 19 October 2020. Amortisation is 2% per annum with the remainder due in the fourth year. The full facility has been hedged at a
rate of 1.66% until 19 October 2020 by way of an interest rate swap. The facility is secured over four property assets and is subject
to various covenants with which the Group has complied. No changes have occurred during the six month period ended 30
September 2018.

SEB AG
On 2 September 2015, the Group agreed to a facility agreement with SEB AG for EUR59.0 million to refinance the two existing
Macquarie loan facilities. The loan terminates on 1 September 2022. Amortisation is 2% per annum with the remainder due in the
seventh year. The loan facility is charged at a fixed interest rate of 1.84%. This facility is secured over twelve of the 14 property
assets previously financed through the Macquarie loan facilities, thereby two non-core assets were unencumbered in the
refinancing process. The facility is subject to various covenants with which the Group has complied. No changes have occurred
during the six month period ended 30 September 2018. On 30 October 2017, the Group agreed to a second facility agreement with
SEB AG for EUR22.9 million. Tranche 1, totalling EUR20.0 million, has been hedged at a rate of 2.58% until 30 October 2024 by way of
an interest rate swap. Tranche 2, totalling EUR2.9 million, has been hedged at a rate of 2.56% until 30 October 2024 by way of an
interest rate swap. The loan terminates on 30 October 2024. Amortisation is 2.0% per annum across the full facility with the
remainder due in one instalment on the final maturity date. The facility is secured over three property assets and is subject to
various covenants with which the Group has complied. No changes have occurred during the six month period ended 30 September 2018.

On 26 March 2018, the Group agreed to a third facility agreement with SEB AG for EUR38.0 million. The loan terminates on 25 March
2025. Amortisation is 2% per annum with the remainder due in one instalment on the final maturity date. The loan facility is charged
with a floating rate of 1.58% over six month EURIBOR (not less than 0%) for the full term of the loan. In accordance with the
requirements of the loan facility the Group hedged its exposure to floating interest rates by purchasing a cap in June 2018 which
limits the Group's interest rate exposure on the facility to 2.33%.The facility is secured over six property assets and is subject to
various covenants with which the Group has complied.

Berlin Hyp AG/Deutsche Pfandbriefbank AG
On 31 March 2014, the Group agreed to a facility agreement with Berlin Hyp AG and Deutsche Pfandbriefbank AG for EUR115.0
million. The loan terminates on 31 March 2019. Amortisation is 2% p.a. for the first two years, 2.5% for the third year and 3.0%
thereafter, with the remainder due in the fifth year. Half of the facility (EUR55.2 million) is charged interest at 3% plus three months'
EURIBOR and is capped at 4.5%, and the other half (EUR55.2 million) has been hedged at a rate of 4.265% until 31 March 2019. This
facility is secured over nine property assets and is subject to various covenants with which the Group has complied. On 28 April
2016, the Group agreed to refinance this facility which had an outstanding balance of EUR110.4 million at 31 March 2016. The new
facility is split in two tranches totalling EUR137.0 million and terminates on 27 April 2023. Tranche 1, totalling EUR94.5 million, is charged
at a fixed interest rate of 1.66% for the full term of the loan. Tranche 2, totalling EUR42.5 million, is charged with a floating rate of
1.57% over three month EURIBOR (not less than 0%) for the full term of the loan. Amortisation is set at 2.5% across the full facility
with the remainder due in one instalment on the final maturity date. The facility is secured over eleven property assets and is
subject to various covenants with which the Group has complied. No changes have occurred during the six month period ended 30
September 2018.

On 30 June 2017, the Group repaid a total of EUR5.8 million following the disposal of the Dusseldorf asset. On 30 September 2017,
the Group repaid tranche 2 of the loan in full amounting to EUR40.9 million following the disposal of the Munich Rupert Mayer Strasse
asset. The facility is now secured over nine property assets. No changes have occurred during the six month period ended 30
September 2018.

Berlin Hyp AG
On 15 December 2014, the Group agreed to a facility agreement with Berlin Hyp AG for EUR36.0 million. The loan terminates on 31
December 2019. Amortisation is 2% per annum for the first two years, 2.4% for the third year and 2.8% thereafter, with the
remainder due in the fifth year. The facility is charged at a fixed interest rate of 2.85%. This facility is secured over three property
assets and is subject to various covenants with which the Group has complied. On 28 April 2016, the Group agreed to add an
additional tranche to this facility which had an outstanding balance of EUR35.1 million at 31 March 2016. The additional tranche of
EUR4.5 million brings the total loan to EUR39.6 million. The maturity of the additional loan tranche is coterminous with the existing loan at
31 December 2019. Amortisation is 2.5% per annum, with the remainder due at maturity. The additional loan tranche is charged
with a fixed interest rate of 1.32% for the full term of the loan. The original facility agreement was amended to include one
previously unencumbered property asset located in Würselen. The terms of the original loan are unchanged and the loan continues
to be subject to various covenants with which the Group has complied. No changes have occurred during the six month period
ended 30 September 2018.

On 20 October 2016, the Group concluded an agreement with Berlin Hyp AG to refinance and extend this facility which had an
outstanding balance of EUR39.2 million at 30 September 2016. The new facility totals EUR70.0 million and terminates on 29 October
2023. Amortisation is 2.5% per annum with the remainder due at maturity. The facility is charged with an all-in fixed interest rate of
1.48% for the full term of the loan. The facility is secured over six property assets which include the recent acquisitions in Dresden
and Wiesbaden which were added to the security pool in order to increase the facility. The loan is subject to various covenants with
which the Group has complied. No changes have occurred during the six month period ended 30 September 2018.

K-Bonds
On 1 August 2013, the Group agreed to a facility agreement with K-Bonds for EUR52.0 million. The loan consists of a senior tranche of
EUR45.0 million and a junior tranche of EUR7.0 million. The senior tranche has a fixed interest rate of 4% per annum and is due in one
sum on 31 July 2023. The junior tranche has a fixed interest rate of 6% and terminates on 31 July 2020. The junior tranche is
amortised at EUR1.0 million per annum over a seven year period. This facility is secured over four properties and is subject to various
covenants with which the Group has complied. No changes have occurred during the six month period ended 30 September 2018.

Saarbrücken Sparkasse
On 28 March 2018, the Group agreed to a facility agreement with Saarbrücken Sparkasse for EUR18.0 million. The loan terminates on
28 February 2025. Amortisation is 4.0% per annum with the remainder due in one instalment on the final maturity date. The facility
is charged with an all-in fixed interest rate of 1.53% for the full term of the loan. The facility is secured over one property asset that
completed immediately after period end and is subject to various covenants with which the Group has complied. No changes have
occurred during the six month period ended 30 September 2018.

19. Financial instruments
Fair values
Set out below is a comparison by category of carrying amounts and fair values of all of the Group's financial instruments that are
carried in the financial statements:

                                      Fair value          (Unaudited)                (Unaudited)
                                  hierarchy level    30 September 2018          30 September 2017           31 March 2018
                                                     Carrying          Fair    Carrying          Fair    Carrying           Fair
                                                       amount         value      amount         value      amount          value
                                                       EUR000        EUR000      EUR000        EUR000      EUR000         EUR000
Financial assets
Cash                                            1      39,424        39,424      33,664        33,664      79,605         79,605
Trade receivables                               2       1,822         1,822       2,088         2,088       3,899          3,899
Derivative financial instruments                2         853           853           —             —           —              —
Financial liabilities
Trade payables                                  2       5,489         5,489       6,581         6,581       6,381          6,381
Derivative financial instruments                2         327           327         334           334         298            298
Interest-bearing loans and
borrowings:
Floating rate borrowings                        2           —             —           —             —      38,000         38,000
Floating rate
borrowings - hedged*                            2    46,790**        46,790      24,367        24,367      47,044         47,044
Floating rate
borrowings - capped*                            2    37,620**        37,620           —             —           —              —
Fixed rate borrowings                           2   283,733**       288,343     273,831       278,563     288,011        293,547

*    The Group holds interest rate swap contracts designed to manage the interest rate and liquidity risks of expected cash flows of its borrowings with the variable rate
     facilities with Bayerische Landesbank and SEB. Please refer to note 18 for details of swap and cap contracts.
**   Excludes loan issue costs

20. Issued share capital
                                                                                                                                                                Share
                                                                                                                                   Number                     capital
Authorised                                                                                                                      of shares                         EUR
Ordinary shares of no par value                                                                                                 Unlimited                           —
As at 30 September 2018                                                                                                         Unlimited                           —


The number of ordinary shares of no par value as at 30 September 2017 and as at 31 March 2018 was unlimited.
                                                                                                                                                                Share
                                                                                                                                   Number                     capital
Issued and fully paid                                                                                                           of shares                         EUR
As at 31 March 2017                                                                                                           877,786,535                           —
Issued ordinary shares                                                                                                         47,879,972                           —
Issued Treasury Shares                                                                                                            487,166                           —
As at 30 September 2017                                                                                                       926,153,673                           —
Issued ordinary shares                                                                                                         65,175,941                           —
Issued Treasury Shares                                                                                                                  —                           —
As at 31 March 2018                                                                                                           991,329,614                           —
Issued ordinary shares                                                                                                         18,092,212                           —
Issued Treasury Shares                                                                                                                  —                           —
As at 30 September 2018                                                                                                     1,009,421,826                           —

Holders of the ordinary shares are entitled to receive dividends and other distributions and to attend and vote at any general
meeting. Shares held in treasury are not entitled to receive dividends or to vote at general meetings.

On 7 July 2017, the Company issued 487,166 ordinary shares out of treasury to the Company's two Executive Directors and some
of the Group's Senior Management Team, pursuant to the Company's MSP incentive scheme. This resulted in the Company's
overall issued share capital being 878,848,593 ordinary shares, of which 574,892 were held in treasury. The total number of
ordinary shares with voting rights in the Company at this date was 878,273,701.

Pursuant to an equity raise of EUR25.0 million on 4 August 2017, the Company issued 39,888,185 ordinary shares at an issue price of
GBP0.56, resulting in the Company's overall issued share capital being 918,736,778 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 918,161,886. Costs associated
with the equity raise amounted to EUR612,000.

Pursuant to a scrip dividend offering on 18 August 2017, the Company issued 7,991,787 ordinary shares at an issue price of
GBP0.5621, resulting in the Company's overall issued share capital being 926,728,565 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 926,153,673.

Pursuant to a scrip dividend offering on 19 January 2018, the Company issued 6,842,608 ordinary shares at an issue price of
GBP0.6198, resulting in the Company's overall issued share capital being 933,571,173 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 932,996,281.

Pursuant to an equity raise of EUR40.0 million on 28 March 2018, the Company issued 58,333,333 ordinary shares at an issue price of
GBP0.60, resulting in the Company's overall issued share capital being 991,904,506 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 991,329,614. Costs associated
with the equity raise amounted to EUR942,000. On 9 July 2018, the Company issued 14,804,000 ordinary shares to the Company's
two Executive Directors and some of the Group's Senior Management Team, pursuant to the Company's LTIP incentive scheme.
This resulted in the Company's overall issued share capital being 1,006,708,506 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 1,006,133,614.

Pursuant to a scrip dividend offering on 4 June 2018, the Company issued 3,288,212 ordinary shares at an issue price of GBP0.6499
resulting in the Company's overall issued share capital being 1,009,996,718 ordinary shares, of which 574,892 were held in
treasury. The total number of ordinary shares with voting rights in the Company at this date was 1,009,421,826.

The Company holds 574,892 of its own shares, which are held in treasury (31 March 2018: 574,892). During the period no shares
were issued from treasury.

No shares were bought back in the year.

21. Other reserves
Other distributable reserve
The other distributable reserve was created for the payment of dividends, share-based payment transactions and the buyback of
shares and is EUR502,649,000 in total at 30 September 2018 (31 March 2018: EUR519,320,000).

22. Dividends
On 4 July 2017, the Company announced a dividend of 1.53c per share, with a record date of 14 July 2017 for UK and South
African shareholders and payable on 18 August 2017. On the record date, 878,848,593 shares were in issue, of which 574,892
were held in treasury and 878,273,701 were entitled to participate in the dividend. Holders of 329,660,344 shares elected to receive
the dividend in ordinary shares under the Scrip Dividend Alternative, representing a dividend of EUR5,044,000, while holders of
548,613,357 shares opted for a cash dividend with a value of EUR8,378,000. The total dividend was EUR13,422,000.

On 27 November 2017, the Company announced a dividend of 1.56c per share, with a record date of 15 December 2017 for UK
and South African shareholders and payable on 19 January 2018. On the record date, 926,728,565 shares were in issue, of which
574,892 were held in treasury and 926,153,673 were entitled to participate in the dividend. Holders of 313,136,432 shares elected
to receive the dividend in ordinary shares under the Scrip Dividend Alternative, representing a dividend of EUR4,885,000, while
holders of 613,017,241 shares opted for a cash dividend with a value of EUR9,646,000. The total dividend was EUR14,531,000.

On 4 June 2018, the Company announced a dividend of 1.60c per share, with a record date of 13 July 2018 for UK and South
African shareholders and payable on 17 August 2018. On the record date, 1,006,708,506 shares were in issue, of which 574,892
were held in treasury and 1,006,133,614 were entitled to participate in the dividend. Holders of 150,721,277 shares elected to
receive the dividend in ordinary shares under the Scrip Dividend Alternative, representing a dividend of EUR2,412,000, while holders
of 854,937,248 shares opted for a cash dividend with a value of EUR13,587,000. The Company's Employee Benefit Trust waived its
rights to the dividend, reducing the cash payable to EUR13,579,000. The total dividend was EUR15,991,000.

The Group's profit attributable to the equity holders of the Company for the six months to 30 September 2018 was EUR70.4 million (30
September 2017: EUR50.9 million). The Board has declared a final dividend of 1.63c per share for the period ended 30 September
2018, representing 70% of FFO*. The dividend will be paid on 18 January 2019, with the ex-dividend dates being 12 December
2018 for shareholders on the South African register and 13 December 2018 for shareholders on the UK register. It is intended that
dividends will continue to be paid on a semi-annual basis and offered to shareholders in cash or scrip form.

The dividend paid per the statement of changes in equity is the value of the cash dividend.

*   Adjusted profit before tax adjusted for depreciation, amortisation of financing fees, current tax receivable/incurred and tax relating to disposals.

The dividend per share was calculated as follows:
                                                                                                       (Unaudited)        (Unaudited)
                                                                                                 30 September 2018  30 September 2017      31 March 2018
                                                                                                              EURm               EURm               EURm
Reported profit before tax                                                                                    78.2               54.7               89.6
Adjustments for:
Surplus on revaluation                                                                                      (56.2)             (41.6)             (63.5)
(Gain)/loss on disposals                                                                                     (0.1)                0.8                2.5
Other adjusting items*                                                                                         0.1                3.6                8.1
Change in fair value of financial derivatives                                                                  0.1                  —                  —
Adjusted profit before tax                                                                                    22.1               17.5               36.7
Adjustments for:
Depreciation                                                                                                   0.7                0.6                1.1
Amortisation of financing fees                                                                                 0.6                0.6                1.2
Current taxes incurred (see note 9)                                                                          (0.3)              (2.3)              (3.4)
Add back current tax relating to disposals and prior year adjustments                                          0.2                2.1                2.8
Funds from Operations, year ended 31 March                                                                     n/a                n/a               38.4
Funds from Operations, six months ended 30 September                                                          23.3               18.5                n/a
Funds from Operations, six months ended 31 March                                                               n/a                n/a               19.9
Dividend pool, six months ended 30 September**                                                                16.5               14.4                n/a
Dividend pool, six months ended 31 March                                                                       n/a                n/a               15.9
DPS, six months ended 30 September                                                                           1.63c              1.56c                n/a
DPS, six months ended 31 March                                                                                 n/a                n/a              1.60c
*   Includes expected selling costs relating to assets held for sale.
** Calculated as 70% of FFO of 2.33c per share (30 September 2017: 2.07c per share using 75% of FFO; 31 March 2018: 2.13c per share using 75% of FFO), based
on average number of shares outstanding of 999,625,521 (30 September 2017: 894,104,933; 31 March 2018: 930,142,690).
Calculations contained in this table are subject to rounding differences.

23. Capital and other commitments
As at 30 September 2018, the Group had contracted capital expenditure on existing properties of EUR9,894,000 (31 March 2018:
EUR8,745,000) and non-cancellable commitments of EUR27,331,000 (31 March 2018: EUR29,422,000) derived from office rental contracts
and commitments relating to operating and management contracts. In addition the Group had commitments of EUR6,946,000 (31
March 2018: EUR7,053,000) for leasehold obligations.

These commitments have not yet been provided for in the financial statements.

24. Post balance sheet events
On 1 October 2018, the Group completed the acquisition of a business park in Mannheim. Total acquisition costs are expected to
be EUR9.6 million. The property comprises office and warehouse space with a net lettable area of c. 15,000 sqm. The property is 69%
occupied and let to 57 tenants, producing annual income of EUR0.6 million and having a weighted average lease expiry of 1.7 years.

On 23 October 2018, the Group notarised the sale of its mixed used site in Bremen Dötlinger Str. for EUR6.3 million. Bremen Dötlinger
Str. is the Group's last remaining asset located in Bremen. The site has around 10,000 sqm of retail and office space generating
EUR0.3 million of annual income. The sale is due to complete at the end of March 2019.

On 6 November 2018, the Group notarised the acquisition of a business park located in Bochum for EUR24.0 million. Total acquisition
costs are expected to be EUR25.7 million. The property comprises office and warehouse space with a net lettable area of c. 56,000
sqm. The property is 95% occupied and let to 31 tenants, producing annual income of EUR2.6 million and having a weighted average
lease expiry of 1.5 years.

On 14 November 2018, the Group completed the sale of the non-core Bremen Hag business park for EUR3.8 million in line with book
value. Bremen Hag is the Group's last remaining non-core site and is located next to a container port in Bremen Harbour, which
has limited its appeal amongst prospective tenants. At time of sale the asset was loss making with occupancy of 19%. The asset is
unencumbered.

Business analysis
Table 10: Non-IFRS measures
                                                                                           (Unaudited)       (Unaudited)
                                                                                     30 September 2018 30 September 2017   31 March 2018
                                                                                                EUR000            EUR000          EUR000
Total comprehensive income for the period                                                       70,433            50,909          81,363
Surplus on revaluation of investment properties                                               (56,161)          (41,580)        (63,452)
Loss on disposal of properties (including tax)                                                      72             2,868           4,423
Change in fair value of derivative financial instruments                                            67               (7)            (43)
Deferred tax in respect of EPRA adjustments                                                      7,086             1,890           5,492
EPRA earnings                                                                                   21,496            14,080          27,783
Deduct non-controlling interest                                                                   (24)              (24)            (91)
Add change in deferred tax relating to derivative financial instruments                              6                22              20
Add change in fair value of derivative financial instruments                                      (67)                 7              43
Headline earnings after tax                                                                     21,412            14,085          27,755
Add/deduct change in fair value of derivative financial instruments net of related
tax                                                                                                 60              (29)            (63)
Add adjusting items*, net of related tax                                                           496             3,265           8,349
Adjusted earnings after tax                                                                     21,968            17,321          36,041
*   See note 10 of the Interim Report.


                                                                                        (Unaudited)       (Unaudited)
                                                                                  30 September 2018 30 September 2017     31 March 2018
                                                                                             EUR000            EUR000            EUR000
EPRA earnings                                                                                21,496            14,080            27,783
Weighted average number of ordinary shares                                              999,625,521       894,104,933       914,479,339
EPRA earnings per share (cents)                                                                2.15              1.57              3.04
Headline earnings after tax                                                                  21,412            14,085            27,755
Weighted average number of ordinary shares                                              999,625,521       894,104,933       914,479,339
Headline earnings per share (cents)                                                            2.14              1.58              3.04
Adjusted earnings after tax                                                                  21,968            17,321            36,041
Weighted average number of ordinary shares                                              999,625,521       894,104,933       914,479,339
Adjusted earnings per share (cents)                                                            2.20              1.94              3.94

Table 11: Acquisitions progress - acquired since December 2014

                                                                                                Annualised rental
                     Total acquisition    Market value     Market value             Annualised    income for Sept    Annualised rental
                                  cost       (rounded)         increase acquisition rent roll*               2018      income increase
Site                            EUR000          EUR000                %                EUR000              EUR000                    %
Potsdam                         29,353          40,900               39                 2,347               2,894                   23
Mahlsdorf                       19,574          30,000               53                 1,786               2,320                   30
Bonn                             3,066           8,710              184                   531                 771                   45
Aachen - Würselen               18,694          27,600               48                 1,751               2,185                   25
Ludwigsburg                      7,443          15,700              111                   969               1,619                   67
Weilimdorf                       5,699           8,290               45                   511                 694                   36
Heidenheim                      18,320          24,800               35                 1,846               2,060                   12
CöllnParc                       18,395          21,700               18                 1,469               1,537                    5
Aachen - Würselen II             7,169           7,640                7                   532                 536                    1
Mainz                           25,134          31,700               26                 2,219               2,553                   15
Markgröningen                    8,720          19,300              121                 1,322               1,816                   37
Krefeld                         13,475          14,100                5                 1,219                 835                 (32)
Dresden                         28,600          33,800               18                 2,781               3,075                   11
Wiesbaden                       17,658          23,900               35                 1,878               2,418                   29
Krefeld II                       2,894           3,960               37                   391                  81                 (79)
Dreieich                         4,585           8,520               86                   287               1,340                  366
Frankfurt                        4,498           5,470               22                   153                 333                  118
Cologne                         22,904          23,000                -                 2,038               1,868                  (8)
Mahlsdorf II                     6,341           8,510               34                   531                 702                   32
Grasbrunn                       18,075          18,000                -                    97                 355                  266
Neuss                           16,093          17,400                8                   670                 914                   36
Neu-Isenburg                     9,635          11,600               20                   472                 584                   24
Frankfurt II                     6,079           6,200                2                   499                 453                  (9)
Total                          312,404         410,800               31                26,299              31,943                   21

* Rental and other income from investment properties recognised in the period relating to acquisition assets acquired since December 2014 was EUR14.9 million

                                                                                                                                       Capex since acquisition
                                                       Acquisition occupancy         Sept 2018 occupancy           Occupancy increase             to Sept 2018
Site                                                                       %                           %                            %                   EUR000
Potsdam                                                                   85                          98                           13                      609
Mahlsdorf                                                                 85                          98                           13                      479
Bonn                                                                      76                          84                            8                      316
Aachen - Würselen                                                         75                          90                           15                    1,538
Ludwigsburg                                                               68                          91                           23                    2,177
Weilimdorf                                                               100                         100                            -                       57
Heidenheim                                                                83                          89                            6                      831
CöllnParc                                                                 90                          97                            7                      355
Aachen - Würselen II                                                      97                          96                          (1)                       24
Mainz                                                                     83                          95                           12                      863
Markgröningen                                                             67                          92                           25                    1,902
Krefeld                                                                   94                          70                         (24)                       81
Dresden                                                                   66                          71                            5                    2,803
Wiesbaden                                                                 65                          89                           24                    1,419
Krefeld II                                                               100                          18                         (82)                       45
Dreieich                                                                  29                          74                           45                      714
Frankfurt                                                                 28                          73                           45                      654
Cologne                                                                  100                          83                         (17)                       54
Mahlsdorf II                                                              62                          74                           12                    1,369
Grasbrunn                                                                  4                          21                           17                      489
Neuss                                                                     38                          44                            6                      439
Neu-Isenburg                                                              41                          55                           14                      172
Frankfurt II                                                              87                          81                          (6)                       22
Total                                                                     72                          82                           82                   17,412


Table 12: Disposals
                                                                                                             Annualised         Annualised    EPRA net initial
                                                              Total proceeds                      acquisition ret roll*    acquisition NOI               yield
Site                                                                     EUR                   Sqm                  EUR                EUR                   %
Bremen Brinkmann                                                  15,500,000               121,501            1,846,288            863,739                 5.2
Rostock land                                                       1,200,000                22,102                    -                  -                 n/a
Markgröningen residential
                                                                     625,000                 1,331                    -                  -                 n/a
building
Total                                                             17,325,000               144,934            1,846,288            863,739                 n/a


* Rental and other income from investment properties recognised in the period relating to disposal assets was EUR0.3 million

Glossary of terms
Adjusted earnings is the earnings attributable to the owners of the company excluding the effect of adjusting items net of related
tax, gains/losses on sale of properties net of related tax, the revaluation deficits/surpluses on the investment properties net of
related tax and derivative financial instruments net of related tax.

Adjusted NAV is the assets attributable to the equity holders of the Company adjusted for deferred tax and derivative financial
instruments.

Annualised acquisition net operating income is the income generated by a property less directly attributable costs at the date of
acquisition expressed in annual terms. Please see 'annualised rent roll' definition below for further explanatory information.

Annualised acquisition rent roll is the contracted rental income of a property at the date of acquisition expressed in annual
terms. Please see 'annualised rent roll' definition below for further explanatory information.

Annualised rent roll is the contracted rental income of a property at a specific reporting date expressed in annual terms. Unless
stated otherwise the reporting date is 30 September 2018. Annualised rent roll should not be interpreted or used as a forecast or
estimate. Annualised rent roll differs from rental income described in note 4 of the Interim report and reported within revenue in the
consolidated statement of comprehensive income for reasons including;

- Annualised rent roll represents contracted rental income at a specific point in time expressed in annual terms
- Rental income as reported within revenue represents rental income recognised in the period under review
- Rental income as reported within revenue includes accounting adjustments including those relating to lease incentives

Capital value is the market value of a property divided by the total sqm of a property.

EPRA net initial yield is the annualised rental income based on the cash rents passing at the balance sheet date, less non-
recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers'
costs.

Funds from Operations is reported profit before tax adjusted for property revaluation, gain/loss on disposals, change in the fair
value of derivative financial instruments, adjusting items, depreciation, amortisation of financing fees and current tax
receivable/incurred.

Gross loan-to-value ratio is the ratio of principal value of total debt to the aggregated value of investment property.

Gross yield is the annualised rental income generated by a property expressed as a percentage of its value.

Like for like refers to the manner in which metrics are subject to adjustment in order to make them directly comparable. Like-for-
like adjustments are typically made in relation to annualised rental income, rate and occupancy and eliminate the effect of asset
acquisitions and disposals that occur in the reporting period.

Net loan-to-value ratio is the ratio of principal value of total debt less cash, excluding that which is restricted, to the aggregate
value of investment property.

Net operating income is the income generated by a property less directly attributable costs.

Net yield is the net operating income generated by a property expressed as a percentage of its value.

Occupancy is the percentage of total lettable space occupied as at reporting date.

Rate is rental income per sqm expressed on a monthly basis as at a specific reporting date.

Total debt is the aggregate amount of the Company's interest-bearing loans and borrowings.

Total shareholder return based on adjusted NAV is the return obtained by a shareholder calculated by combining both
movements in adjusted NAV per share plus dividends paid.

Total return is the return for a set period of time combining valuation movement and income generated.

Corporate directory

Registered office
Trafalgar Court
2nd Floor
East Wing
Admiral Park
St Peter Port
Guernsey GY1 3EL
Channel Islands

Registered number
Incorporated in Guernsey under the Companies (Guernsey) Law, 2008, as amended, under number 46442
Company Secretary

A L Bennett
Sirius Real Estate Limited
Trafalgar Court
2nd Floor
East Wing
Admiral Park
St Peter Port
Guernsey GY1 3EL
Channel Islands

UK solicitors
Norton Rose Fulbright LLP
3 More London Riverside
London SE1 2AQ

Financial PR
Tavistock Communications Limited
1 Cornhill
London EC3V 3ND

Johannesburg Stock Exchange sponsor
PSG Capital Proprietary Limited
1st Floor, Ou Kollege
35 Kerk Street
Stellenbosch
7600

South Africa
Joint broker
Peel Hunt LLP
Moor House
120 London Wall
London EC2Y 5ET

Joint broker
Berenberg
60 Threadneedle Street
London EC2R 8HP

Property valuer 
Cushman & Wakefield LLP
Rathenauplatz 1
60313 Frankfurt am Main
Germany

Independent auditors
Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom

Guernsey solicitors
Carey Olsen
PO Box 98
7 New Street
St. Peter Port
Guernsey GY1 4BZ
Channel Islands



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