TIDMSRE
RNS Number : 3411W
Sirius Real Estate Limited
17 April 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
17 April 2023
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the
"Company")
Trading Update for financial year ended 31 March 2023
8.1%* increase in Group rent roll
Sirius Real Estate, the leading owner and operator of branded
business and industrial parks providing conventional space and
flexible workspace in Germany and the UK, provides an update on
trading for its financial year ended 31 March 2023.
In what has been a more challenging economic backdrop during the
year, the Group has achieved an 8.1%* increase in overall rent roll
(7.7%* on a like for like basis), reflecting management's ability
to capture rental growth in the current inflationary environment.
For the ninth consecutive year, the Group has achieved like for
like rent roll growth in excess of 5%. Cash collection has remained
robust at above 98.5% on a rolling 12-month basis. The Group
expects to deliver full year results in line with market
expectations.
In Germany, our rental rates grew largely in line with our rent
roll, reflecting the stable occupancy rates in the country. Our
in-house asset management platform continues to manage product mix
and occupancy carefully alongside rate to yield the best overall
returns from our space.
In our recently acquired UK business, BizSpace, we have
successfully firmed rates to position our assets for better returns
in the long term. Rent roll growth in the UK was in line with the
Group level and rental rates have increased well in excess of
inflation. We have been comfortable ceding a small amount of
occupancy in return for these higher rates and we believe this
positions the business well to take advantage of any recovery in
the macroeconomic climate.
The Group's balance sheet remains strong with cash reserves of
EUR123 million with around 90% of the Group's debt maturing in
excess of three years. During the year the Group successfully
re-financed its Berlin Hyp AG EUR170 million facility at a 4.26%
interest rate for a 7-year term, which from commencement in
November 2023 will take the overall weighted average Group cost of
debt to 1.9%. Whilst the Group is mindful of the probable higher
interest expense arising from future re-financings, it is also
confident that the leverage levels will continue to have a positive
overall effect on shareholder returns, given the relatively high
yielding nature of the Group's assets and the continued growth in
the rent roll which will help to offset future increases in
financing costs.
During the past twelve months, the Group's acquisitions and
disposals were largely matched, at approximately EUR45 million of
each. Acquisitions largely completed in the first half of the year,
and focused on Germany, where we have utilised our operating
platform to continue to drive value.
Our disposals strategy remains opportunistic and fixed on
non-core or mature assets with little upside, where we can achieve
returns in excess of book value, as evidenced through the 25%
combined premium to book value achieved on the six disposals
completed during the last 12 months. This efficient recycling of
capital will continue to be a mainstay of Sirius's strategy.
Commenting on trading during the period, Andrew Coombs, Chief
Executive Officer of Sirius Real Estate, said: "Against a
challenging market backdrop during the year, Sirius has delivered
another period of strong operational performance. The Group expects
to deliver results for the financial year ended 31 March 2023 in
line with market expectations, and I look forward to the
announcement of our fully audited results on Monday June 5th ."
Full Year Results
Sirius will announce results for the financial year ended 31
March 2023 on Monday, 5 June 2023, at which time there will be an
in-person presentation and virtual webinar for analysts and
investors.
The financial information on which this trading update is based
has not been reviewed or reported on by the Company's external
auditors or a reporting accountant.
* Group rent roll has been translated utilising a constant
foreign currency exchange rate of GBP:EUR 1.1374, being the closing
exchange rate as at 31 March 2023.
Webcast and Conference Call
There will be a live audio webcast for analysts/investors at
08:30 BST (09.30 CET/ SAST) today, hosted by Andrew Coombs, Chief
Executive Officer, Alistair Marks, Chief Investment Officer and
Interim Chief Financial Officer and Tariq Khader, UK Finance
Director.
If you would like to join the webcast please use the
registration link below:
Webcast link :
https://brrmedia.news/SiriusRealEstate_TradingUpdate
For analysts/investors who would like to ask questions, there
will also be a conference call option available, via the below:
Dial-in UK: +44 (0) 33 0551 0200
Dial-in Germany: +49 (0) 30 3001 90612
Dial-in South Africa: Toll-Free: 0 800 980 512
Participant access code (for all participants): Quote Sirius
Real Estate when prompted by operator
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.
JSE Sponsor
PSG Capital
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTNKABDABKDFQD
(END) Dow Jones Newswires
April 17, 2023 02:00 ET (06:00 GMT)
Sirius Re (AQSE:SRE.GB)
過去 株価チャート
から 12 2024 まで 1 2025
Sirius Re (AQSE:SRE.GB)
過去 株価チャート
から 1 2024 まで 1 2025
