CHANGE OF CHIEF FINANCIAL OFFICER ("CFO")
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 August 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius" or the "Company")
CHANGE OF CHIEF FINANCIAL OFFICER ("CFO")
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, announces a change of CFO.
Following the birth of his first child, Diarmuid Kelly, CFO will be taking 12 months paternity leave from September 22nd. Diarmuid has indicated his intention to return to his role within Sirius Facilities GmbH as Group FD in September 2023. He has now left his role as CFO of Sirius Real Estate and Alistair Marks, Chief Investment Officer ("CIO") and former CFO, has agreed to step in as interim CFO.
The Board will ensure Alistair has the necessary support to resume leadership of the finance function and that plans are in place to back up his current CIO role during this time. The Company will shortly begin a search for a new CFO of Sirius Real Estate.
Commenting on the change, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:
"I would like to congratulate Diarmuid Kelly on the birth of his first child and wish him all the best over the next twelve months."
"I would also like to thank Alistair Marks for stepping back into the CFO role, for which he has fifteen years' experience which is testimony to Sirius's breadth and depth of senior management experience."
The announcement has been made in accordance with requirements of the Listing Rule 9.6.11R of the Listing Rules published by the Financial Conduct Authority (the "Listing Rules").
- ENDS -
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CFO
+49 (0) 30 285010110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Jessener
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the main market and premium segment of the London Stock Exchange and the main board of the JSE Limited. It is a leading operator of branded business parks providing conventional space and flexible workspace in Germany and the UK. The Company's purpose is to create and manage optimal workspaces that empower small and medium-sized businesses to grow, evolve and thrive. Sirius seeks to unlock the potential of its people, its properties, and the communities in which it operates, so that together we can create sustainable impact, and long-term financial and social value.
The Company's core strategy is the acquisition of business parks at attractive yields, the integration of these business parks into its network of sites under the Company's own name as well as offering a range of branded products within those sites, and the reconfiguration and upgrade of existing and vacant space to appeal to the local market, through intensive asset management and investment. The Company's strategy aims to deliver attractive returns for shareholders by increasing rental income and improving cost recoveries and capital values, as well as by enhancing those returns through financing its assets on favourable terms. Once sites are mature and net income and values have been optimised, the Company may take the opportunity to refinance the sites to release capital for investment in new sites or consider the disposal of sites in order to recycle equity into assets which present greater opportunity for the asset management skills of the Company's team.
Sirius also has a venture with clients represented by AXA IM Alts. Titanium was originally formed in 2019 through the acquisition by AXA IM Alts, on behalf of its clients, from Sirius, of a 65% stake in five business parks across Germany. Sirius retained the remaining 35%. The venture has added significantly to its portfolio and continues to seek to grow primarily through the acquisition of larger stabilised business park assets and portfolios of assets with strong tenant profiles and occupancy. As well as its equity interest, Sirius acts as operator of the assets in the venture, on a fee basis. The strategy of the venture has been clearly defined so that the venture does not conflict with Sirius's existing business, which continues to focus on the acquisition of more opportunistic assets for its wholly owned portfolio, where it can capitalise on its asset management expertise to maximise utilisation of the space, grow occupancy and improve quality of the tenants.
In November 2021, Sirius Real Estate announced and completed the acquisition of BizSpace, a leading provider of regional flexible workspace in the UK. BizSpace offers light industrial, workshop, studio and out of town office units to a wide range of businesses across the UK and the acquisition therefore provided Sirius with a unique opportunity to enter, immediately and with scale, an under-served new market for Sirius through a one-step acquisition of an established platform. It provides the Group with a high-quality portfolio, offering significant organic growth potential in rental pricing in a UK market characterised by supply constraints. The BizSpace business is also highly complementary to Sirius' existing platform, allowing for meaningful operational and financial synergies to drive value creation for Sirius shareholders.
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
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