Sirius Real Estate Limited EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY (9428B)

TIDMSRE

RNS Number : 9428B

Sirius Real Estate Limited

06 October 2022

SIRIUS REAL ESTATE LIMITED

(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")

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 UK, is pleased to announce that it has completed the early refinancing of the Company's next major debt expiry, a EUR170 million facility with Berlin Hyp AG, approximately one year in advance of the facility's due date.

The refinancing comprises a new 7-year, EUR170 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 EUR993 million of outstanding debt, EUR750 million of which is unsecured. The remaining EUR243 million comprised mortgage-backed debt, of which the most significant tranche is the newly refinanced EUR170 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 EUR1.6 billion of unencumbered assets and in excess of EUR138 million of free cash available. Within the next 12 months, Sirius has a total of EUR35 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 EUR170 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

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. 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: www.sirius-real-estate.com

JSE Sponsor

PSG Capital

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October 06, 2022 02:00 ET (06:00 GMT)

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