Sirius Real Estate Limited EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY (8977A)

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

[phone]

FTI Consulting (Financial PR)

Richard Sunderland / James McEwan / Talia Shirion / Sebastian Duran de Huerta

[phone]

[e-mail]

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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May 30, 2023 02:00 ET (06:00 GMT)