Business
Sirius secures €150m Revolving Credit Facility
Sirius secures €150m Revolving Credit Facility.
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 \n24 June 2025\nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\", the \"Company\" or the \"Group\")\n \nSirius secures €150 million Revolving Credit Facility from three bank consortium\n- RCF provides additional resources for acquisitions and allows for efficient cash management through bond refinancings -\nSirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, has secured a new €150 million unsecured revolving credit facility (\"RCF\" or the \"Facility\"), with an initial three-year term. The RCF has two one-year extension options and incorporates accordions allowing it to be upsized by up to an additional €100 million, all of which are at the Company's request and require bank consent.\nThe Facility carries a margin of 120bps over short term EURIBOR, which is currently approximately 2% (leading to an interest cost of 3.2% if it were drawn down at existing rates), with covenants aligned where possible to the Group's most recent bond issue in January 2025.\nThe RCF further diversifies Sirius' debt, adding BNP Paribas as lenders for the first time, as well as ABN AMRO for the first time in over a decade, with HSBC completing the consortium. Panmure Liberum acted as debt advisor to the Company. \nThe Facility significantly enhances Sirius' financial flexibility, allowing the Company to continue to take advantage of current market conditions and its strong acquisition pipeline in Germany and the UK, as well as managing cash balances efficiently as it passes through bond re-financing windows.\nThe Company also continues to investigate the lower cost funding in the German financing market available to it from local banking partners in conjunction with asset acquisitions and will take advantage of opportunities to secure such funding where appropriate.\nChris Bowman, CFO, commented, \"Along with our recent equity fundraise and bond issuance, this Facility provides us with further flexibility to capitalise on our exciting pipeline of opportunities in Germany and the UK. It also further divers...