SIRIUS REAL ESTATE LIMITED – Early Refinancing of Next Major Debt Maturity – SENS


Early Refinancing Of Next Major Debt Expiry

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

6 October 2022
Sirius Real Estate Limited
(‘Sirius Real Estate’, ‘Sirius’, the “Group” or the ‘Company’)


Sirius Real Estate, the leading owner and operator of branded business and industrial parks
providing conventional and flexible workspaces in Germany and the UK, is pleased to
announce that it has completed the early refinancing of the Company’s next major debt
expiry, a €170 million facility with Berlin Hyp AG, approximately one year in advance of the
facility’s due date.

The refinancing comprises a new 7-year, €170 million facility at a fixed interest rate of 4.26%,
which will replace and redeem the existing facility upon its expiry on 31 October 2023.

As of 30 September 2022, the Group had a total of €993 million of outstanding debt, €750
million of which is unsecured. The remaining €243 million comprised mortgage-backed debt,
of which the most significant tranche is the newly refinanced €170 million Berlin Hyp AG
facility referred to above.

This refinancing facility extends the Group’s total weighted average debt expiry from 3.8 years
to 5.0 years. When the new facility commences just over a year from now, the Group’s
weighted average cost of debt will increase from 1.4% to 1.9%.

The Company has €1.6 billion of unencumbered assets and in excess of €138 million of free
cash available. Within the next 12 months, Sirius has a total of €35 million of debt expiring,
which it is confident of either extending terms with the existing lenders, replacing with new
lenders or paying down.

Commenting on these transactions, Alistair Marks, Chief Investment Officer and Interim
CFO of Sirius Real Estate, said: “The willingness of Berlin Hyp AG to extend this €170 million
facility now for seven years beyond its expiry in October 2023 is indicative of our relationship
with our existing and longest standing financiers in Germany and the confidence that they
have in our business model and the quality of our assets. We have a strong balance sheet
which is well positioned to provide us with flexibility to react to changing market conditions
and opportunities as they arise.”

For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CIO and Interim CFO
+49 (0) 30 285 010 110

FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion
+44 (0) 20 3727 1000
[email protected]

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 2022, and following the acquisition of BizSpace, a leading UK provider of regional flexible
workspace, the Group’s portfolio comprised 140 assets let to 9,452 tenants with a total book value of
over €2 billion, generating a total annualised rent roll of €167.1 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 name 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 selectively refinance
or dispose of assets 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. The Company has a strong track record for growing its income and has
delivered like-for-like rent roll growth in excess of 5% for the last eight consecutive years.

For more information, please visit:

Follow us on LinkedIn at

Follow us on Twitter at @SiriusRE

JSE Sponsor

PSG Capital

Date: 06-10-2022 08:00:00
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