SIRIUS REAL ESTATE
LIMITED
(Incorporated
in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
16 January 2025
NOT
FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF
AMERICA, CANADA, JAPAN OR AUSTRALIA OR IN ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL
Sirius Real Estate
Limited
("Sirius Real Estate", "Sirius", the
"Company" or the "Group")
Sirius Real Estate issues Corporate Bond
raising EUR 350 million
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.,
is pleased to announce that it has raised €350 million in a senior
unsecured corporate bond issuance (the "Bond").
The Bond, which matures in 2032, carries a
coupon of 4% and is expected to be rated BBB by Fitch. Following on
from successful bond and equity financings during 2024, the €350
million bond issuance was approximately five times oversubscribed,
underlining clear support from investors for the Company and its
strategy.
The new bond will increase Sirius' weighted
average debt maturity to 4.2 years from 3.5 years at 30 September
2024 with the Company's total average cost of debt rising
accordingly to 2.6% (2.1% at 30 September 2024).
The proceeds of the issue will be principally
used to refinance existing indebtedness, including in due course
and in part the EUR 400 million June 2026 bond, as well as for
general corporate purposes, including a significant pipeline of
potential acquisitions in Germany and the U.K.
The Bond is governed by German law and will be
listed on the Euro MTF Market of the Luxembourg Stock
Exchange.
Deutsche Bank, HSBC and Morgan Stanley acted as
joint bookrunners on the transaction, with Lazard acting as
financial adviser.
Chris Bowman,
Chief Financial Officer of Sirius, commented:
"We appreciate the strong support that we have received from
institutional investors for this €350 million bond issue which
provides valuable, long-duration liquidity to enable us to continue
executing our value-add growth plan. We remain well within
our net LTV guidance of 40% or below. The strength of Sirius'
investment case and capital markets access demonstrates investor
confidence in our ability to generate strong income returns and our
longer-term growth strategy."
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
+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
JSE Sponsor
PSG Capital
Disclaimer
This publication does not constitute
an offer to sell or the solicitation of an offer to purchase any
securities. Neither this publication nor anything contained herein
shall form the basis of, or be relied upon in connection with, any
offer or commitment whatsoever in any jurisdiction.
This publication does not constitute
an offer to sell or a solicitation of an offer to purchase any
securities in the United States. Any securities referred to
herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or the laws of any state within the U.S.,
and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration or in a transaction not subject to the registration
requirements of the Securities Act. There will be no offering of
the bonds in the United States. The bonds are being offered
and sold outside the United States only in reliance on
Regulation S under the Securities Act of 1933, as amended (the
"Securities Act").
This publication is only being
distributed to, and is only directed at persons that are, outside
the United Kingdom or, if within the United Kingdom,
to (i) persons who have professional experience in matters relating
to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as
amended, the "Financial Promotion Order"), or (ii) persons falling
within Article 49(2)(a) to (d) ("high net worth companies,
"unincorporated associations", etc.) of the Financial Promotion
Order, or (iii) persons to whom an invitation or inducement to
engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000 ("FSMA")) in connection
with the issue or sale of the bonds may otherwise lawfully be
communicated or caused to be communicated (all such persons
together being referred to as "relevant persons"). The bonds are
only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such bonds will be engaged
in only with, relevant persons. Any person who is not a relevant
person should not act or rely on this announcement or any of its
contents. The bonds are not being offered to the public in
the United Kingdom. As a consequence, no key information
document required by Regulation (EU) 1286/2014 as it forms part of
domestic law by virtue of the EUWA (the "UK PRIIPs
Regulation") for offering or selling the bonds or otherwise making
them available to retail investors in the UK has been
prepared and therefore offering or selling the bonds or otherwise
making them available to any retail investor in
the UK may be unlawful under the UK PRIIPs
Regulation.
The securities referred to herein
are not intended to be offered, sold or otherwise made available to
and should not be offered, sold or otherwise made available to any
retail investor in the European Economic Area (the "EEA"). For
these purposes, a retail investor means a person who is one (or
more) of: (i) a retail client as defined in point (11) of Article
4(1) of Directive (EU) 2014/65 (as amended, "MiFID II"); (ii) a
customer within the meaning of Directive (EU) 2016/97 as amended,
where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II or (iii) not a
qualified investor as defined in Regulation (EU) 2017/1129 of the
European Parliament and of the Council of June 14, 2017 (as
amended, the "Prospectus Regulation"). Consequently, no key
information document required by Regulation (EU) 1286/2014 (as
amended or superseded, the "PRIIPs Regulation") for offering or
selling the bonds or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or
selling the bonds or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs
Regulation.
Lazard & Co., Limited, which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting exclusively as financial adviser to
Sirius and no one else in connection with the bond issue and will
not be responsible to anyone other than Sirius for providing the
protections afforded to clients of Lazard & Co., Limited nor
for providing advice in relation to the bond issue or any other
matters referred to in this announcement. Neither Lazard & Co.,
Limited nor any of its affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Lazard & Co., Limited in
connection with this announcement, any statement contained herein
or otherwise.