Business
Completion of acquisition of BizSpace Group
Completion of acquisition of BizSpace Group.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4301S\n Sirius Real Estate Limited\n 15 November 2021\n \n \n \n \n SIRIUS REAL ESTATE LIMITED\n \n \n (Incorporated in Guernsey)\n \n \n Company Number: 46442\n \n \n JSE Share Code: SRE\n \n \n LSE (GBP) Share Code: SRE\n \n \n LEI: 213800NURUF5W8QSK566\n \n \n ISIN Code: GG00B1W3VF54\n \n \n \n \n \n 15 November 2021\n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n Completion of acquisition of BizSpace Group\n \n \n \n \n \n Further to its announcements of 8 November 2021, Sirius Real Estate, \n the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany,\n is pleased to announce that it has now completed the acquisition of Helix Investments Limited, the holding company of the BizSpace business, for a cash consideration of c. £245 million, based on an enterprise value of £380 million (the \"Acquisition\"). \n \n \n \n BizSpace is a leading provider of regional flexible workspace, offering light industrial, workshop, studio and out of town office units to a wide range of businesses across the UK and the acquisition therefore provides Sirius with a unique opportunity to enter with immediate scale an under-served new market via a one-step acquisition of an established platform. It provides Sirius 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.\n \n \n \n The Acquisition has been financed through a combination of the Company's existing cash resources and the issue and subsequent admission to trading on the London and Johannesburg stock exchanges of 105,281,686 new Ordinary Shares of the Company, which raised gross proceeds of c. £137 million. Sirius has also assumed BizSpace's existing gross financial debt of c. £146 million.\n \n \n \n \n Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:\n \n \n \"The completion of this acquisition marks a significant step forward in the continued evolution and grow...