TIDMSRE
Sirius Real Estate Limited
28 February 2022
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: ISIN GG00B1W3VF54
28 February 2022
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the
"Company")
BizSpace management change
Sirius Real Estate, the leading owner and operator of branded
business and industrial parks providing conventional space and
flexible workspace in Germany and the U.K, announces that, John
Spencer, CEO of BizSpace, is stepping down from the business.
Andrew Coombs, Chief Executive Officer of the Group, will assume
the role of interim CEO at BizSpace from 1 March 2022, until a
permanent replacement has been appointed, while continuing to
oversee the integration of the two businesses as Group CEO.
Having joined BizSpace in 2020, John helped grow the platform,
while leading it through the COVID-19 pandemic. He was also
integral to the process that led to the sale of the business to
Sirius; a transaction which allowed the Company to enter the U.K.
market at scale and with a portfolio which offers significant
growth potential.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate ,
commented: "John has played a key role in the leadership of
BizSpace, especially during the pandemic. Following the successful
sale of the business, John has decided the time is right for him to
step down. I would like to thank him for his dedication to the
business to date and for his help during our acquisition of
BizSpace, while wishing him every possible success for the
future.
"We have exciting plans to grow the BizSpace platform in the U.K
and are in advanced stages of strengthening the existing senior
team, bringing new skillsets that will help us achieve our
goals."
- ENDS -
For further information:
Sirius Real Estate
Andrew Coombs, CEO
+49 (0) 30 285010110
FTI Consulting (Financial PR)
Richard Sunderland / Claire Turvey / 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
JSE Sponsor
PSG Capital
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