SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

11 March 2025

Sirius Real Estate Limited

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

Sirius sells Tyseley business park for £6.7m at a 20% 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., announces that it has disposed of its BizSpace Tyseley Business Park in Birmingham for £6.7m, reflecting a 20% premium to book value (September 2024: £5.6m).

Sirius acquired the asset as part of the BizSpace acquisition in November 2021 for £5.1m and successfully increased the rent roll of the site by 30%, through the capture of under-rent, which contributed to a 31% increase in average rate per sq ft from £7.39 to £9.69.

The 134,000 sq ft business park comprises 125,000 sq ft of industrial space and 9,000 sq ft by way of an office building. Significant future capex investment was required in order to maintain the buildings, which the Company felt could be better spent elsewhere in the portfolio.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "The sale of this asset at a substantial 20% premium to book value highlights our success in improving the rental tone since Sirius acquired BizSpace in November 2021. This transaction demonstrates our platform's ability to attract higher-paying quality occupiers and effectively execute strategically timed deals, enabling efficient capital recycling into our acquisition pipeline."

ENDS

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Chris Bowman, CFO

+44 (0) 20 3059 0855

FTI Consulting (Financial PR)

Richard Sunderland / Ellie Sweeney / James McEwan

+44 (0) 20 3727 1000

SiriusRealEstate@fticonsulting.com 

NOTES TO EDITORS

About Sirius Real Estate

Sirius is a property company listed on the equity shares (commercial companies) category of the London Stock Exchange and the premium segment of 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 2024, the Group's owned portfolio comprised 145 assets let to 10,025 tenants with a total book value of €2.4 billion, generating a total annualised rent roll of €214 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

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