Business
FITCH REAFFIRMS SIRIUS’ BBB INVESTMENT RATING
FITCH REAFFIRMS SIRIUS’ BBB INVESTMENT RATING.
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 \n \n24 October 2023\nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\", the \"Group\" or the \"Company\")\n \nFITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING WITH STABLE OUTLOOK\n \nSirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional and flexible workspaces in Germany and the UK, announces that Fitch Ratings has reaffirmed the Company's BBB investment grade credit rating with 'Stable Outlook' (Long-Term Issuer Default Rating).\n \nIn its rating, Fitch highlighted the resilience of Sirius' high-yielding portfolio, operating platform and refurbishment capex strategies in driving consistent rental income, which it expects to remain stable due to the Company's focus on occupancy and affordable rents at out-of-town locations. Fitch noted that Sirius had successfully transferred some of the best practices in its German operations to drive asset management initiatives in its BizSpace portfolio in the UK.\nFitch also referenced Sirius' robust financial profile, with net debt/EBITDA leverage having returned to below 8.0x at the end of FY23 (financial year to end-March 2023) and no near or medium-term debt maturities, following the Company's successful refinancing of all of 2024's maturity debt into 2030.\nThe ratings agency also highlighted Sirius' in-house digital sales and marketing capability which minimises the reliance on third party brokers, especially in Germany.\n \nAs announced on 9 October 23, the Company will announce its half year results to 30 September 23 on 20 November 23.\n \nSirius CFO, Chris Bowman, commented: \"Retaining our investment-grade rating against a backdrop of ongoing market uncertainty is testament to the resilience of our portfolio, the strength of our operating platform and the value of our asset management model.\"\n \nFor further information:\nSirius Real Estate\nAndrew Coombs, CEO / Chris Bowman, CFO\n+49 (0) 30 285 010 110\n \nFTI Consulting (Financial PR)\nRichard Sunderland / James McEwan / Talia Shirion\n+44 (0) 20 3727 1000\[email protected] \n \n \...