Business
EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY
EARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n\nSIRIUS REAL ESTATE LIMITED\n(Incorporated in Guernsey)\nCompany Number: 46442\nJSE Share Code: SRE\nLSE (GBP) Share Code: SRE\nLEI: 213800NURUF5W8QSK566\nISIN Code: GG00B1W3VF54\n \n30 May 2023\nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\", the \"Group\" or the \"Company\")\n \nEARLY REFINANCING OF NEXT MAJOR DEBT EXPIRY\n \nSirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional and flexible workspaces in Germany and the U.K., is pleased to announce that on 26 May 2023 it completed the early refinancing of the Company's next major debt expiry, a €58.3 million facility with Deutsche Pfandbriefbank, seven months in advance of the facility's due date. \n \nThe refinancing comprises a new 7-year, €58.3 million facility with an all-in fixed interest rate of 4.25%, which will replace and redeem the existing facility upon its expiry on 31 December 2023 and will run until December 2030.\n \nAs at 31 March 2023, the Group has a total of €975.1 million of outstanding debt, €735.0 million of which is unsecured. The remaining €240.1 million comprises mortgage-backed debt, of which the most significant tranches are the refinanced €170 million Berlin Hyp AG facility which was announced in October 2022 more than one year ahead of its maturity on 31 October 2023 and the €58.3 million facility referred to above. The €170 million Berlin Hyp AG facility will run for 7 years expiring on 31 October 2030.\n \nThis refinancing facility extends the Group's total weighted average debt expiry from 3.3 years to 5.0 years. When the new facility commences on 1 January 2024, the Group's weighted average cost of debt will increase from 1.4% to 2.1%.\n \nThe Company has €1.6 billion of unencumbered assets and in excess of €124 million of free cash available (including customer deposits as at 31 March 2023). Within the next 12 months, Sirius has a total of €20 million of debt expiring, which it is confident of either extending terms with the existing lenders or replacing with new lenders. The Company has a total of €49.3 million of debt expiring within the next three years.\n \nFor further inf...