Update on Sales Programme

RNS Number : 4202I

Sirius Real Estate Limited

25 July 2012

 



 25 July 2012

Sirius Real Estate Limited

("Sirius" or "the Company")

Update on Sales Programme

Sirius Real Estate, the real estate company with a portfolio of mixed-use business parks across Germany, providing modern, flexible workspace, today announces the completed sale of its Munich Hoffmanstrasse site and the notarisation of the sale of its site in Berlin-Wittenau, the Car Glass building on its Bonn-Koenigswintererstrasse site and 6,100 sqm of car park land attached to its Bonn-Siemenstrasse site.

In line with the Company's objective to reduce borrowings through selective disposals of non-core and more mature assets, these sales will reduce the RBS debt facility by €7.8m and provide €2.9m in surplus cash to the business. These are in addition to the two other land and building disposals previously announced in Bremen and Bonn which together will reduce the RBS facility by €9.7m to €80m and provide surplus cash of €3.5m to SRE.  In addition, the Company is currently negotiating the terms of the sale of a number of other assets worth approximately €20m; some of which will further reduce the RBS debt facility.

Andrew Coombs, CEO, Sirius Facilities, commented: "The sale of these assets aligns us with our strategy to recycle cash from our mature and non-core sites, pay back debt and become self financing. We are pleased with the quick progress made to date and the prices we have achieved for these assets.  We are currently negotiating the sales of other non-core sites and we look to providing further updates in due course." 

Enquiries:

Sirius                         

Andrew Coombs, CEO                                                                       [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                                      020 7418 8900

Alex Vaughan

Cardew Group                                             

Tim Robertson                                                                                                020 7930 0777 

Georgina Hall

 

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