SIRIUS REAL ESTATE LIMITED - Sirius Real Estate expands U.K. portfolio with 48.25 million business park acquisition

Sirius Real Estate expands U.K. portfolio with £48.25 million business park acquisition

SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54

27 March 2024

                                       Sirius Real Estate Limited
                    ("Sirius Real Estate", "Sirius", the "Company" or the "Group")

       Sirius Real Estate expands U.K. portfolio with £48.25 million business park acquisition

    -Further asset recycling with the completion of Maintal disposal at premium to book value-

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 exchanged contracts on the
acquisition of Vantage Point Business Village, a multi-let business park in Gloucestershire, for a total
acquisition cost of £48.25 million (€56.4 million), representing a net initial yield at acquisition of 10.2%.
The acquisition has been made using the proceeds of the Company's £147 million capital raise,
achieved last November.

The acquisition represents the first asset in the U.K. and the fourth asset in total acquired by Sirius this
calendar year, following the purchases of business and industrial parks in Köln, Göppingen and
Klipphausen for approximately €53.75 million in aggregate.

Through this purchase, Sirius will add more than 1.5 million sq ft of space to its BizSpace portfolio, of
which over 1 million sq ft is industrial space.

The 60-acre business park at Mitcheldean was renowned first for manufacturing Rank projection
equipment then as Rank Xerox's manufacturing hub between 1961 and 2003. It is 81% occupied and
offers a mixture of warehouse, production, storage, conventional and serviced office space to over 70
companies across 119 units. Sirius has identified a number of opportunities to drive value by utilising
its asset management platform to improve occupancy, income and service charge recovery. The total
acquisition cost includes a £1.25 million deferred element which is conditional on certain events taking
place within nine months of completion.

As part of the acquisition, Sirius has also acquired a PV solar business from the vendor which currently
supplies most of the electricity to the site from panels installed on certain buildings, providing energy
security and an attractive income stream.

Situated in a highly desirable location on the edge of The Forest of Dean, and close to a number of
major cities including Bristol to the South, Gloucester to the East and Cardiff to the South West, the
park benefits from good transport networks and connectivity to the national motorway network via
the A40 and M50. Proximity to other Sirius sites, including Gloucester Barnwood and Gloucester
Morelands, will enable the Company to leverage operational synergies alongside its local market
expertise.

Separately, the Company has completed on the previously announced disposal of an industrial park in
Maintal, in Germany's southwest Hesse region, for €40.1 million (£34.3 million), representing a net
initial yield of 5.7%. The asset, which comprises 37,830 sqm of logistics, office and industrial space,
was sold at an approximate 6% premium to the last reported book value at the time of notarisation.
The sale aligns well with Sirius' strategy of recycling capital from mature assets into those where the
Company believes it can grow income and value through its operating platform.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "This sizeable strategic
acquisition is transformational for our U.K. BizSpace platform, and increases its portfolio by over 1.5
million sq ft. The 60-acre park generates strong day-one cash flow from a stable, diversified tenant
base and offers various synergies with our existing assets in the local area. It also presents a number
of value creation opportunities by driving both occupancy and rental income.

"Additionally, the completion of the Maintal disposal at a premium to book value allows us to
capitalise on demand for this high-quality property and continue to crystallise returns from our mature
portfolio. It also provides us further flexibility to recycle capital into new opportunities within our
existing portfolio, as well as into our pipeline of acquisitions, alongside the proceeds of November's
£147 million (€165 million) equity raise. We have now committed to over £135 million (€155 million)
of acquisitions since November and are continuing to actively seek future opportunities where we see
the chance to create value, leaving us well placed to support the continued long-term growth of the
Group."

The Group looks forward to providing its customary year-end trading update on 15 April 2024,
following the end of the Company's financial year.

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 / Millie James
+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 U.K. As of
30 September 2023, the Group's portfolio comprised 139 assets let to 9,248 tenants with a total book
value of over €2 billion, generating a total annualised rent roll of €184.2 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: 27-03-2024 09:00:00
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