FITCH REAFFIRMS SIRIUS’ BBB INVESTMENT RATING

Sirius Real Estate Limited

24 October 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

24 October 2023

Sirius Real Estate Limited

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

FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING WITH STABLE OUTLOOK

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional and flexible workspaces in Germany and the UK, announces that Fitch Ratings has reaffirmed the Company's BBB investment grade credit rating with 'Stable Outlook' (Long-Term Issuer Default Rating).

In its rating, Fitch highlighted the resilience of Sirius' high-yielding portfolio, operating platform and refurbishment capex strategies in driving consistent rental income, which it expects to remain stable due to the Company's focus on occupancy and affordable rents at out-of-town locations. Fitch noted that Sirius had successfully transferred some of the best practices in its German operations to drive asset management initiatives in its BizSpace portfolio in the UK.

Fitch also referenced Sirius' robust financial profile, with net debt/EBITDA leverage having returned to below 8.0x at the end of FY23 (financial year to end-March 2023) and no near or medium-term debt maturities, following the Company's successful refinancing of all of 2024's maturity debt into 2030.

The ratings agency also highlighted Sirius' in-house digital sales and marketing capability which minimises the reliance on third party brokers, especially in Germany.

As announced on 9 October 23, the Company will announce its half year results to 30 September 23 on 20 November 23.

Sirius CFO, Chris Bowman, commented: "Retaining our investment-grade rating against a backdrop of ongoing market uncertainty is testament to the resilience of our portfolio, the strength of our operating platform and the value of our asset management model."

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Chris Bowman, CFO

[phone]

FTI Consulting (Financial PR)

Richard Sunderland / James McEwan / Talia Shirion

[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 2023, the Group's portfolio comprised 140 assets let to 9,201 tenants with a total book value of over €2 billion, generating a total annualised rent roll of €178.3 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 Twitter at @SiriusRE

JSE Sponsor

PSG Capital

 

END