Wrap Text
Sirius Completes Disposal Of Bremen Dötlinger Strasse Business Park
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (EUR) Share Code: ESRE
LSE (GBP) Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
03 April 2019
Sirius Real Estate Limited
("Sirius Real Estate", “Sirius” or the "Company")
Sirius completes disposal of Bremen Dötlinger Strasse Business Park
Sirius Real Estate, the leading operator of branded business parks providing conventional space and
flexible workspace in Germany, has completed the sale of its Bremen Dötlinger Strasse Business Park,
to a private investor, for €6.3 million, in line with the book value at 30 September 2018 and reflecting
an EPRA net yield of 5.1%. The property was notarised for sale on the 23 October 2018.
The property comprises 10,273 sq m of mixed-use space, which is 43% vacant and requires significant
capital expenditure to attract new tenants.
This final disposal completes the Company’s recent programme of sales of a number of non-core
assets in the portfolio, the others being Bremen Hag Business Park, Bremen Brinkmann, a non-income
producing piece of land and a vacant residential building. Together these have generated proceeds of
€27.4 million.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “With the disposal of these non-
core assets and the complete withdrawal from the non-core location of Bremen, we are now focused
on Germany’s “big seven” cities. The proceeds from these sales provide us with additional capital to
invest in our capex investment programme on the current portfolio and on new acquisitions.”
For further information:
Sirius Real Estate
Andrew Coombs, CEO
Alistair Marks, CFO
+49 (0)30 285010110
Tavistock (financial PR)
Jeremy Carey
James Verstringhe
+44 (0)20 7920 3150
siriusrealestate@tavistock.co.uk
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 Johannesburg Stock Exchange. It is a leading operator of branded
business parks providing conventional space and flexible workspace in Germany. The Company's core
strategy is the acquisition of business parks at attractive yields, the integration of these business parks
into its network of sites under the Company's own name as well as offering a range of branded
products within those sites, and the reconfiguration and upgrade of existing and vacant space to
appeal to the local market, through intensive asset management and investment. The Company's
strategy aims to deliver attractive returns for shareholders by increasing rental income and improving
cost recoveries and capital values, as well as by enhancing those returns through financing its assets
on favourable terms. Once sites are mature and net income and values have been optimised, the
Company may take the opportunity to refinance the sites to release capital for investment in new sites
or consider the disposal of sites in order to recycle equity into assets which present greater
opportunity for the asset management skills of the Company's team.
On 1 March 2019, Sirius announced that, in a transaction due to complete in June 2019, it had formed
a real estate investment joint venture with clients represented by AXA Investment Managers - Real
Assets in which AXA acting on behalf of its clients, will own a 65% interest and Sirius will own the
balance of 35%. The JV is being formed initially by AXA acquiring, on behalf of its clients, from Sirius a
65% stake in five business parks, two located in Berlin (Berlin Borsig and Berlin Tempelhof) and one in
each of Mainz, Nurnberg and Bayreuth. The business parks provide a combination of office,
warehouse, industrial and storage space. The implied property value of €168 million equates to a
gross yield for the portfolio of 6.2% and reflects a 19% premium to the last reported book value as at
30 September 2018 (€141.1 million). The transaction is expected to generate total cash proceeds of
more than €70 million for Sirius after refinancing and related costs.
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
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