Wrap Text
AXA IM Alts And Sirius Real Estate Expand Titanium German Business Park Joint Venture With c.€80 Million Acquisition
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LSE (EUR) Share Code: ESRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
25 January 2021
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
AXA IM ALTS AND SIRIUS REAL ESTATE EXPAND TITANIUM GERMAN BUSINESS PARK JOINT
VENTURE WITH c. €80 MILLION ACQUISITION
113,000 sqm Augsburg asset increases Titanium portfolio to c. €317 million
Titanium, the joint venture between AXA IM Alts, a global leader in alternative investments with
c.€153 billion of assets under management1, and Sirius Real Estate (“Sirius”), a leading owner and
operator of branded business and industrial parks providing conventional space and flexible
workspace in Germany, have notarised the acquisition of the Sigma Technopark in Augsburg, Germany
for total acquisition costs of approximately €80 million from a German special fund managed by
Corestate Group. The addition of the site provides attractive day one income based on an EPRA NIY of
6.0% and increases the size of the Titanium portfolio to c.€317 million, nearly double its value at
launch in August 2019 (€168 million)2. The seven business parks in the joint venture are operated by
Sirius through its market leading platform across Germany. The acquisition has been made on behalf
of clients through AXA IM Alts’ Real Assets platform, and is subject to approval by the German
completion authority.
Sigma Technopark, which will be rebranded as a Sirius business park, is a multi-tenanted business park
comprising 113,000 sqm of space across a range of uses. In addition to over 1,500 parking spaces, the
park also offers a range of onsite amenities including a canteen.
The business park is currently 90% let to 74 tenants ranging in size from well-established blue chip
corporates and public bodies through to SMEs and start-ups. These are diversified across numerous
sectors including electronic production, educational organisations such as universities, logistics and
technology.
The asset offers strong asset management potential and the opportunity for repositioning through
capex investment to improve occupancy and rental rates.
Strategically located in Augsburg, Bavaria, in an area that is among the top logistics regions in
Germany, Sigma Technopark benefits from excellent transport links, being situated just a 30-minute
drive from Munich, and close to the B17 Autobahn. The asset is less than 4km from Augsburg’s main
railway station (which connects directly to Munich, Stuttgart, Nuremberg and Würzburg) in an area
that benefits from robust underlying demographics and is characterised by an imbalance between
demand and supply for commercial and logistics space.
John O’Driscoll, Head of European Transactions at AXA IM Alts, commented: “This transaction
further extends the portfolio of business parks we hold in our Titanium joint venture with Sirius Real
Estate. It is a high quality asset in a sector that has proven to be robust and resilient throughout the
COVID-19 crisis both in terms of occupancy and rent collection. Our ambitions to grow this joint
venture are strengthened and we look forward to working with Sirius Real Estate on this and future
opportunities.”
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “This acquisition is a great
example of the type of assets in which we want to invest alongside AXA IM Alts in the Titanium joint
venture. It is a well located, large scale business park which offers both good quality day one income
as well as an opportunity to grow rental income and create value through asset management.
Alongside AXA IM Alts we have strong ambitions to grow the Titanium portfolio significantly and have
a strong pipeline of further opportunities that we continue to explore.”
Titanium was formed in August 2019 when AXA IM Alts completed the acquisition, on behalf of clients,
of a 65% stake in five German business parks, from Sirius, which retained the remaining 35%. The
joint venture aims to grow primarily through the acquisition of larger stabilised business park assets
and portfolios with strong tenant profiles and occupancy. This transaction follows Titanium’s
acquisition in March 2020 of a German business park in Hilden, Düsseldorf, for c.€59 million.
– ENDS –
1. Source: AXA IM Alts unaudited data, as of 30 September 2020
2. Source: Sirius Real Estate unaudited data, as of January 2021
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CFO
+49 (0) 30 285010110
AXA IM Alts
Jocelyne Tamssom, Head of Communications
Tel: +33 1 44 45 96 62
PressOfficeAXAIMRealAssets@axa-im.com
FTI Consulting (Financial PR)
Richard Sunderland / Claire Turvey / James McEwan / Talia Jessener
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the main market and premium segment of the London Stock
Exchange and the main board of the JSE Limited. It is a leading operator of branded business and
industrial parks providing conventional space and flexible workspace in Germany. The Company’s
purpose is to create and manage optimal workspaces that empower small and medium-sized
businesses to grow, evolve and thrive. Sirius seeks to unlock the potential of its people, its properties,
and the communities in which it operates, so that together we can create sustainable impact, and
long-term financial and social value.
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
About AXA IM Alts
AXA IM Alts is a global leader in alternative investments with c. €153 billion of assets under
management as at 30 September 20201, across real assets (real estate & infrastructure), private debt
& alternative credit and private equity & hedge funds. AXA IM Alts employs over 700 people located
in 16 offices around the world and serve the needs of more than 350 clients from Europe, North
America, Asia Pacific and Middle East. We are a global leader in real assets investment with c. €102
billion of assets under management, the number one property portfolio and asset manager in
Europe2, and one of the largest worldwide.
1. Source: AXA IM data (unaudited). All figures as at 30 September 2020.
2. Source: INREV Fund Manager Survey, June 2020. #1 Real estate manager headquartered in Europe based on
total assets under management.
About AXA Investment Managers
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with
clients today to provide the solutions they need to help build a better tomorrow for their investments,
while creating a positive change for the world in which we all live. With approximately €830 billion in
assets under management as at end of September 20201, AXA IM invests through two distinct business
units AXA IM Core and AXA IM Alts and employs over 2,360 employees around the world and who
operates out of 28 offices across 20 countries. AXA IM is part of the AXA Group, a world leader in
financial protection and wealth management.
1 Source: AXA IM’s unaudited data. All figures as at 30 September 2020.
Visit our websites https://realassets.axa-im.com and www.axa-im.com
Follow us on Twitter @AXAIMRealAssets and @AXAIM
JSE Sponsor
PSG Capital
Date: 25-01-2021 09:00:00
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