Business
Refinancing at Saarbrücken and MSCI AA ESG rating
Refinancing at Saarbrücken and MSCI AA ESG 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 \n30 January 2025\nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\", the \"Company\" or the \"Group\")\n \nSirius agrees 3.264% refinancing at Saarbrücken and has MSCI AA ESG rating reaffirmed\n \nSirius 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., has further demonstrated its ability to attract financing at favourable rates having secured a new debt package at its Saarbrücken business park in south-west Germany. This news follows the Company's announcement earlier this month that Sirius had raised €350 million through an approximately five times oversubscribed senior unsecured corporate bond issuance, maturing in 2032 and carrying a 4% coupon. The Company also announces that it has once again been recognised as a leader in sustainable financing having had its MSCI AA ESG Rating reaffirmed.\n \nSirius has agreed a €13 million, 5-year loan at 3.264% with Sparkasse Saarbrücken bank, which refinances the Company's asset in Saarbrücken. The Sirius Office Center Saarbrücken is a well located 47,000 sqm edge of town business park comprising primarily offices, a modern conference centre, as well as light industrial and production space. Saarbrücken is the state capital of Saarland near the border with France and is a major industrial and transport centre. As of September 2024, the Saarbrücken site had an occupancy of 78% and was producing a net operating income of €2.9 million, reflecting a 20% improvement since it was acquired by the Company in 2018.\n \nMSCI's ESG Ratings aim to measure a company's management of financially relevant ESG risks and opportunities. The reconfirmation of Sirius'AA ESG Rating by MSCI reflects the Company's ongoing commitment to sustainability and corporate responsibility.\n \nSirius' weighted average debt maturity is currently at 4.2 years, with the Company's total average cost of debt at 2.6% (vs 3.5 years and 2.1% at 30 September 2024).\n \nChris Bowman, Chief Financial Officer of Sirius Real Estate, commented: \"Whilst de minimi...