Prospectus published for the c.£150 million Capital Raising by Sirius Real Estate
July 2024
Sirius Real Estate is an LSE Main Market listed Company that applies high-return, value-add business model to investments in industrial, warehouse and out of town office properties in Germany and the UK. The Company derives value through the execution of a stringent acquisitions process followed by selective capital investment and the roll-out of an intensive asset management plan which focuses on transforming vacant and sub-optimal space into high-quality conventional and flexible workspace. When assets have been fully transformed, they are either held for their stable income or sold, with the proceeds recycled into opportunistic assets with value-add potential.
The Group has a well-diversified income and tenant profile from large multinational corporations working within a broad range of industries to smaller SMEs and individual customers. Most sites have a combination of anchor tenants which provide secure long-term income, SME tenants on a combination of conventional and flexible lease terms and Smartspace serviced tenants which comprise a wide variety of companies and individuals using self-storage, serviced office and workbox products. While the stability of anchor tenants is important for income security, our high-yielding Smartspace products, which are generally created by transforming previously sub-optimal space, acquired for very low cost, provide a substantial boost to income returns.
As of 31 March 2024, the Group’s portfolio comprises 68 business parks in Germany, comprising 1.8m sqm of lettable space generating €129.7m of annualised rent roll, and 74 sites throughout the UK, comprising 4.2 m sq ft (0.4m sqm) of lettable space, generating £55.6m (€65.8m) of annualised rent roll. In addition, the Group manages one property, and holds a 35% interest in seven additional properties, through our Titanium venture with AXA IM Alts.
Capital Raising and Publication of Prospectus
The Capital Raise comprised a Placing, a South African Placing and a Subscription of 159,574,468 new Ordinary Shares at an issue price of 94 pence per share which raised gross proceeds of c. £150 million.
The Perivan Investor communications team was delighted to work with Berenberg who acted as UK Sponsor, Joint Global Coordinator and Joint Bookrunner and Penningtons Manches Cooper who acted as Legal Advisers to Sirius on the production of the 234-page prospectus which was successfully produced and published on 11th July, 2024.
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