Sirius Real Estate Limited Acquisition (8560V)
February 02 2017 - 4:00AM
UK Regulatory
TIDMSRE
RNS Number : 8560V
Sirius Real Estate Limited
02 February 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY ANY SECURITIES. IT IS NOT A PROSPECTUS OR
PROSPECTUS EQUIVALENT DOCUMENT. INVESTORS SHOULD NOT PURCHASE ANY
SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT SOLELY ON THE BASIS
OF INFORMATION CONTAINED IN THE PROSPECTUS TO BE PUBLISHED BY
SIRIUS REAL ESTATE LIMITED IN CONNECTION WITH THE PROPOSED MOVE TO
THE MAIN MARKET.
2 February 2017
Sirius Real Estate Limited
("Sirius Real Estate" or the "Company")
Completes Acquisitions in Krefeld and Dreieich for EUR7.5
million
Sirius Real Estate, a leading operator of branded business parks
providing conventional space and flexible workspace in Germany, is
pleased to announce the completion of the acquisition of Krefeld
Business Park and an office building in Dreieich for a combined
total consideration of EUR7.5 million (including acquisition
costs).
In October 2016, the Group notarised the purchase of Krefeld
Business Park for a total consideration of EUR2.9 million,
representing a 13.1% EPRA net initial yield (equating to EUR457 per
sqm of capital value). The property is a single let business park
totalling 6,335 square metres of office and warehouse space.
Currently the site is producing annualised income of EUR0.4 million
and the sole tenant will be conducting a staged exit over the next
14 months creating an opportunity to re-let the site at a higher
rate over a longer term.
In November 2016, the Group notarised the purchase of an office
building located in Dreieich for a total consideration of EUR4.6
million. The site contains significant under-utilised and vacant
space which represents an excellent development opportunity. It is
being acquired on a 0.9% EPRA net initial yield (equating to EUR355
per sqm of capital value).
As previously announced, the Company is in the process of moving
to the main markets of the London Stock Exchange ("LSE") and the
Johannesburg Stock Exchange ("JSE"). Due to the earlier than
expected completion of these transactions, the publication of the
prospectus will be slightly later than previously announced. This
delay is not expected to impact the admission date of 6 March 2017.
We will update the market as soon as practicable following the
prospectus being published.
Andrew Coombs, Chief Executive Officer, said, "We moved quickly
to complete these two opportunistic acquisitions which we have
bought without bank financing and now have the opportunity to
significantly increase the rental income from them both. We are
also continuing to make good progress elsewhere on our acquisition
and disposal programme and remain on track to move up to the main
markets of the LSE and JSE."
Enquiries:
Sirius Real Estate +49 (0)30 285010110
Andrew Coombs, CEO
Alistair Marks, CFO
Peel Hunt +44 (0)20 7418 8900
Capel Irwin
Edward Fox
Canaccord Genuity Limited +44 (0)20 7523 8000
Bruce Garrow
Chris Connors
JSE Sponsor: PSG Capital +27 (0)21 887 9602
David Tosi
Willie Honeyball
Novella +44 (0)20 3151 7008
Tim Robertson
Toby Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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