Wrap Text
Disposal Of Maintal Industrial Park At Premium To Book Value And Acquisitions In North London
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
07 November 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Company" or the "Group")
Sirius Real Estate continues asset recycling programme with disposal of Maintal industrial park at
premium to book value and acquisitions in North London
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., has notarised the disposal of an
industrial park in Maintal, in Germany's southwest Hesse region, for €40.1 million, representing a net
initial yield ("NIY") of 5.7%.
The disposal was achieved at approximately 6% above the last reported book value. The Maintal
industrial park offered Sirius little potential for further value creation, however its strategic location
made it attractive to the purchaser, a trend we have witnessed in past disposals of mature assets.
The Company also announces that through its BizSpace subsidiary, it has exchanged and completed
on the acquisition of a £33.5 million portfolio of three assets located in North London, from a closed
ended fund. The assets are based in busy suburban areas, with two in the Borough of Islington and
one in the Borough of Camden. The three assets have a combined area of 103,962 sq ft of primarily
multi-let studio workspaces and occupancy rate of just under 70%, which the Group views as providing
significant potential for growth. The properties are let on flexible leases and have a WAULT of 3.1
years. The buildings are well maintained and have over 70 customers, the 10 largest of whom occupy
over 50% of the occupied area. The purchase price represents a NIY of 7.3% which through active
asset management initiatives should generate a running yield in excess of 10% at maturity.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "The Maintal disposal at
a premium to book value has allowed us to capitalise on demand for this high quality property. The
sale of this mature asset at a 5.7% NIY, coupled with the completion of our acquisition of the
properties in London at a 7.3% NIY with only a 70% occupancy, represents a good example of our
strategy of recycling capital from mature assets into those where we believe we can grow income and
value through our operating platform. In the current market we are focused on improving rental levels
and providing tenants with the flexibility and services they need. We are increasingly seeing attractive
acquisition opportunities across both Germany and the U.K. and will continue to pursue our asset
recycling activities to support the long term growth of the Group"
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the main and premium market of the London Stock Exchange
and the main board of the JSE Limited. It is a leading owner and operator of branded business and
industrial parks providing conventional space and flexible workspace in Germany and the UK. As of 31
March 2023, the Group's portfolio comprised 140 assets let to 9,201 tenants with a total book value
of over €2 billion, generating a total annualised rent roll of €178.3 million. Sirius also holds a 35% stake
in Titanium, its €350+ million German-focused joint venture with clients of AXA IM Alts.
The Company's strategy centres on acquiring business parks at attractive yields and integrating them
into its network of sites - both under the Sirius and BizSpace names and alongside a range of branded
products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to
the local market via intensive asset management and investment and may then choose to refinance
or dispose of assets selectively once they meet maturity, to release capital for new investment. This
active approach allows the Company to generate attractive returns for shareholders through growing
rental income, improving cost recoveries and capital values, and enhancing returns through securing
efficient financing terms.
For more information, please visit: www.sirius-real-estate.com
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
Follow us on X (Twitter) at @SiriusRE
JSE Sponsor
PSG Capital
Date: 07-11-2023 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
