Wrap Text
BizSpace management change
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: ISIN GG00B1W3VF54
28 February 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the “Group” or the "Company")
BizSpace management change
Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing
conventional space and flexible workspace in Germany and the U.K, announces that, John Spencer,
CEO of BizSpace, is stepping down from the business.
Andrew Coombs, Chief Executive Officer of the Group, will assume the role of interim CEO at BizSpace
from 1 March 2022, until a permanent replacement has been appointed, while continuing to oversee
the integration of the two businesses as Group CEO.
Having joined BizSpace in 2020, John helped grow the platform, while leading it through the COVID-
19 pandemic. He was also integral to the process that led to the sale of the business to Sirius; a
transaction which allowed the Company to enter the U.K. market at scale and with a portfolio which
offers significant growth potential.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: “John has played a key
role in the leadership of BizSpace, especially during the pandemic. Following the successful sale of the
business, John has decided the time is right for him to step down. I would like to thank him for his
dedication to the business to date and for his help during our acquisition of BizSpace, while wishing
him every possible success for the future.
“We have exciting plans to grow the BizSpace platform in the U.K and are in advanced stages of
strengthening the existing senior team, bringing new skillsets that will help us achieve our goals.”
- ENDS -
For further information:
Sirius Real Estate
Andrew Coombs, CEO
+49 (0) 30 285010110
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 parks
providing conventional space and flexible workspace in Germany and the UK. 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.
Sirius also has a venture with clients represented by AXA IM Alts. Titanium was originally formed in
2019 through the acquisition by AXA IM Alts, on behalf of its clients, from Sirius, of a 65% stake in five
business parks across Germany. Sirius retained the remaining 35%. The venture has added significantly
to its portfolio and continues to seek to grow primarily through the acquisition of larger stabilised
business park assets and portfolios of assets with strong tenant profiles and occupancy. As well as its
equity interest, Sirius acts as operator of the assets in the venture, on a fee basis. The strategy of the
venture has been clearly defined so that the venture does not conflict with Sirius's existing business,
which continues to focus on the acquisition of more opportunistic assets for its wholly owned
portfolio, where it can capitalise on its asset management expertise to maximise utilisation of the
space, grow occupancy and improve quality of the tenants.
In November 2021, Sirius Real Estate announced and completed the acquisition of BizSpace, a leading
provider of regional flexible workspace in the UK. BizSpace offers light industrial, workshop, studio
and out of town office units to a wide range of businesses across the UK and the acquisition therefore
provided Sirius with a unique opportunity to enter, immediately and with scale, an under-served new
market for Sirius through a one-step acquisition of an established platform. It provides the Group with
a high-quality portfolio, offering significant organic growth potential in rental pricing in a UK market
characterised by supply constraints. The BizSpace business is also highly complementary to Sirius'
existing platform, allowing for meaningful operational and financial synergies to drive value creation
for Sirius shareholders.
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
JSE Sponsor
PSG Capital
Date: 28-02-2022 01:00:00
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