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 \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 \n \n \n 7 November 2022\n \n \n \n Sirius Real Estate Limited\n \n \n \n \n (\"Sirius Real Estate\", \"Sirius\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING WITH STABLE OUTLOOK\n \n \n \n \n \n \n \n Sirius 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 rating with 'Stable Outlook' (Long-Term Issuer Default Rating). This rating comes ahead of the Company's half year results, which will be announced on 21 November 2022.\n \n \n \n \n \n In its rating, Fitch noted that it expects income to remain stable due to an active focus on occupancy and low affordable rents for the Company's out-of-town locations. It also highlighted the benefits of the Sirius operating platform and the resilience of its core, high-yielding portfolio, which were evidenced by the high levels of occupancy rates in Sirius's German (84.2%) and UK (90.5%) portfolios, as well as the solid rent collection rates achieved during the COVID-19 pandemic (Germany: 98%; UK: 99.3%). Fitch anticipates that total average portfolio occupancy levels will remain above 80%.\n \n \n \n \n \n Fitch also highlighted Sirius' in-house digital sales and marketing capability which minimises the reliance on third party brokers.\n \n \n \n \n \n \n Sirius CIO and Interim CFO, Alistair Marks, commented:\n \n \n \"\n \n Retaining our investment-grade rating in today's challenging market environment is testament to the resilience and flexibility of our portfolio, the digital tools we have created to source and attract tenants for our assets and the benefits of our asset management model. This rating will allow us to continue to optimise and diversify our funding structure and is a further endorsement of the strength of our platform, following shortly after our recent refinancing of our €170 million Berlin Hyp AG facility, a year in advance of the end...