Sirius Real Estate Limited EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY (8977A)
May 30 2023 - 2:00AM
UK Regulatory
TIDMSRE
RNS Number : 8977A
Sirius Real Estate Limited
30 May 2023
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
30 May 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the
"Company")
EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY
Sirius Real Estate, the leading owner and operator of branded
business and industrial parks providing conventional and flexible
workspaces in Germany and the U.K., is pleased to announce that on
26 May 2023 it completed the early refinancing of the Company's
next major debt expiry, a EUR58.3 million facility with Deutsche
Pfandbriefbank, seven months in advance of the facility's due
date.
The refinancing comprises a new 7-year, EUR58.3 million facility
with an all-in fixed interest rate of 4.25%, which will replace and
redeem the existing facility upon its expiry on 31 December 2023
and will run until December 2030.
As at 31 March 2023, the Group has a total of EUR975.1 million
of outstanding debt, EUR735.0 million of which is unsecured. The
remaining EUR240.1 million comprises mortgage-backed debt, of which
the most significant tranches are the refinanced EUR170 million
Berlin Hyp AG facility which was announced in October 2022 more
than one year ahead of its maturity on 31 October 2023 and the
EUR58.3 million facility referred to above. The EUR170 million
Berlin Hyp AG facility will run for 7 years expiring on 31 October
2030.
This refinancing facility extends the Group's total weighted
average debt expiry from 3.3 years to 5.0 years. When the new
facility commences on 1 January 2024, the Group's weighted average
cost of debt will increase from 1.4% to 2.1%.
The Company has EUR1.6 billion of unencumbered assets and in
excess of EUR124 million of free cash available (including customer
deposits as at 31 March 2023). Within the next 12 months, Sirius
has a total of EUR20 million of debt expiring, which it is
confident of either extending terms with the existing lenders or
replacing with new lenders. The Company has a total of EUR49.3
million of debt expiring within the next three years.
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 / Sebastian
Duran de Huerta
+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 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 EUR2 billion,
generating a total annualised rent roll of EUR167.1 million. Sirius
also holds a 35% stake in Titanium, its EUR350+ 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.
JSE Sponsor
PSG Capital
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