Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — FY2021 Earnings Presentation
73 slides from Sirius Real Estate's earnings presentation, June 2021
Slide 1: Year End Results - 31 Mar 2021
Year End Results - 31 Mar 2021 Sirius Real Estate Ltd YEAR END RESULTS - 31 MAR 2021 ST
Slide 2: Investing In Industrial Business Parks In Germany
Year End Results - 31 Mar 2021 2 Investing In Industrial Business Parks In Germany Leading owner and operator of business parks, industrial complexes and out-of-town offices in Germany
Slide 3: About Sirius
Year End Results - 31 Mar 2021 3 About Sirius 1 Leading owner and operator Fully integrated operating Market capitalization of over of business parks, out of town offices platform including 275 employees in €1.15 bn (£1.0 bn) and industrial complexes in Germany over 70 locations across Germany Not a
Slide 4: About Germany
Year End Results - 31 Mar 2021 4 About Germany 1 Several large Well diversified economy The “Mittelstand” autonomous markets Machinery, automotive, The German SME market, over 50% of the Frankfurt, Berlin, Munich, Hamburg, Chemical, medical German economy in terms of both Dusseldorf, Cologne & Stutt
Slide 5: Highlights
Year End Results - 31 Mar 2021 5 Highlights Profit Before Tax: €163.7m +47.7% (2020: €110.8m) 19.5% +9.3% +10.0% Total accounting return (7-year average 16.2%) FFO of €60.9m (2020: €55.7m) Increase in H2 dividend to 1.98c (2020: 1.80c) Continued Organic & Acquisitive Growth +5.2% +11.5% €125.8m* L4L
Slide 6: Financials – Income Statement
Year End Results - 31 Mar 2021 6 Financials – Income Statement Mar 21 Mar 20 Movement €m €m €m Rental Income 93.8 87.7 6.1 Titanium income 5.7 2.4 3.3 Service charge irrecoverable costs (4.2) (4.8) 0.6 Non-recoverable maintenance (4.1) (2.6) (1.5) Net Operating Income 91.2 82.7 +10.3% 8.5 Corporate
Slide 7: Earnings & Dividend per share
Year End Results - 31 Mar 2021 7 Earnings & Dividend per share 3.80 14.16 14.16 8.76 (2.01) (0.91) (0.23) 0.02 5.84 5.61 5.63 3.80 * Adjusting items include adjustments relating to depreciation, amortisation and IFRS 16. ** EPRA adjusting items include adjustments relating to the impact on earnings
Slide 8: Financials – Statement of Financial Position
Year End Results - 31 Mar 2021 8 Financials – Statement of Financial Position As at Mar 21 As at Mar 20 Movement €m €m €m Assets Investment properties (owned assets) 1,347.2 1,186.2 161.0 Investment properties (leased assets) 15.0 17.8 (2.8) Investment in associate 60.4 49.5 10.9 Plant and equipment
Slide 9: NAV per share & Total Accounting Return
Year End Results - 31 Mar 2021 9 NAV per share & Total Accounting Return 9.90 (3.43) (1.50) 93.79 92.29 0.21 5.57 81.54 * Adjusting items includes property valuation gains relating to investment in associates and nonrecurring items. ** EPRA adjustments add back deferred tax and derivative financial
Slide 10: Embedding Sustainability Into Our Business
Year End Results - 31 Mar 2021 10 Embedding Sustainability Into Our Business Overview ▪ A year of strong progress as we develop and continue to embed our ESG strategy ▪ Undertook an ESG Materiality Assessment during Q3 involving the Board, shareholders, tenants, employees and suppliers ▪ Developing
Slide 11: Organic Growth – Rental Income Analysis
Year End Results - 31 Mar 2021 11 Organic Growth – Rental Income Analysis Site Mar 21 Mar 20 Change Rent Roll €97.2m €90.3m 7.6% Rent Roll (Disposals) (€0.7m) (€11.3m)* - - Rent Roll (Acquisitions) €2.8m €9.0m - - Rent Roll (LFL) €94.3m €89.6m 5.2% Occupancy (LFL) 86.9% 85.2% 1.7% Occupancy 87.0% 85
Slide 12: Organic Growth – Rental Movement Analysis
Year End Results - 31 Mar 2021 12 Organic Growth – Rental Movement Analysis 100 (0.7) 98 2.8 96 1.8 94 92 90 88 13.3 86 (10.3) €m 84 97.2 82 90.3 80 78 76 74 72 70 31-Mar-20 Move Outs Move-Ins Uplifts on Existing Tenants Acquisitions Disposal 31-Mar-21
Slide 13: Combined Capex Programmes
Year End Results - 31 Mar 2021 13 Combined Capex Programmes Completed in Period: 53.2k sqm €9.9m €2.7m Vacant space refurbished in period Invested in period Annualised rental income increase Budget Achieved to date Capex Investment Rent Rent Programme Progress Investment Invest Rate Investment Inves
Slide 14: Like-for-Like Valuation Movement
Year End Results - 31 Mar 2021 14 Like-for-Like Valuation Movement €m LFL Portfolio Valuation Increases Existing Portfolio Book Value 1,400 Mar 21 - €m As at 31 Mar 2020: 69.4 1,200 66.3 Gross Yield = 7.6% Existing Portfolio 1,311.9 Net Yield = 6.6% 1,000 1,311.9 Acquisitions 35.3 As at 31 Mar 2021:
Slide 15: Portfolio Split – Value Add & Mature Assets
Year End Results - 31 Mar 2021 15 Portfolio Split – Value Add & Mature Assets Capital value Mar-20* Book value €m Rent roll €m NOI €m Gross yield Net yield Occupancy Rate psm € Vacant space sqm psm € Value-Add 680.0 54.7 46.8 8.0% 6.9% 676 80.1% 5.83 193,891 Mature 496.2 34.9 31.7 7.0% 6.4% 962 95.2
Slide 16: FFO – Growth Potential – €100m Medium Term Ambition
Year End Results - 31 Mar 2021 16 FFO – Growth Potential – €100m Medium Term Ambition 100 Opportunity to increase FFO per share by 30% ▪ Full impact of FY21 acquisitions 17.3 90 (€2.8m) 6.0 80 ▪ Completion of capex 5.4 investment programmes 3.7 70 (€4.3m) €m 4.3 2.8 60 ▪ Let up of vacant space (€3.7
Slide 17: Acquisitions
Year End Results - 31 Mar 2021 17 Acquisitions Cost per sqm Annualised Rental Site Date Total Investment €m Annualised NOI €m Occupancy EPRA Net Initial Yield € Income €m Sirius Completed: Norderstedt Jan-21 9.1 718 0.8 0.7 100% 7.6% Nuremberg Jan-21 13.7 1,010 1.1 1.0 91% 7.1% Mannheim III Jan-21 3
Slide 18: Banking – March 21
Year End Results - 31 Mar 2021 18 Banking – March 21 2.7 Years Weighted average debt expiry Mar 21 Mar 20 Bank borrowings €472.0m €485.8m Net LTV* 31.4% 32.8% 1.5% Average cost of debt Weighted average interest rate 1.5% 1.5% NOI interest cover 12.5 x 11.0 x Interest cover at EBITDA level 9.9x 9.1x
Slide 19: Summary
Year End Results - 31 Mar 2021 19 Summary ▪ PBT of €167.3m and total accounting return of 19.5% in year of unprecedented challenges ▪ Power of the platform to deliver evidenced by increases in enquiry levels, occupancy and average rate per sqm ▪ 5.2% increase in L4L rent roll and 98.2% cash collecti
Slide 20: Outlook
Year End Results - 31 Mar 2021 20 Outlook ▪ By the end of May 2021 nearly 45% of the German population had received at least one vaccination with nearly 20% being fully vaccinated ▪ Cases of Covid-19 in Germany are in decline in June 2021 with ‘break restrictions’ due to expire by the end of June 20
Slide 21: Appendices
Year End Results - 31 Mar 2021 21 Appendices ▪ ESG (See Appendix I, pages 23 - 25) ▪ Financing (See Appendix V, pages 56 - 58) ▪ First year of analysis of Scope 1, 2 & 3 emissions ▪ Movement in year ▪ Continued strong culture of diversity & inclusion throughout the ▪ Debt Maturity company ▪ 53%/47%
Slide 22: ESG Appendix I
Year End Results - 31 Mar 2021 22 ESG Appendix I
Slide 23: Embedding Sustainability Into Our Business – Environmental
Year End Results - 31 Mar 2021 23 Embedding Sustainability Into Our Business Summary - Scope Wise Environmental Scope GHG Emissions Category ▪ First year of analysis of Scope 1, 2 & 3 emissions Categorisation [TCO2-e] Scope 1 Heating & Company Cars 247 ▪ Scope 1 & 2 emissions account for circa: 1% o
Slide 24: Embedding Sustainability Into Our Business – Social
Year End Results - 31 Mar 2021 24 Embedding Sustainability Into Our Business Social ▪ Health & wellbeing of employees central to all our actions throughout the year ▪ Over 90% of employees rated Sirius highly for taking best possible measures to protect them during COVID-19 ▪ Across portfolio succes
Slide 25: Embedding Sustainability Into Our Business – Governance & Ethics
Year End Results - 31 Mar 2021 25 Embedding Sustainability Into Our Business Governance & Ethics ▪ Two new Board members joined during the year providing broader insight and expertise ▪ Continued strong support for Diversity & Inclusion – of total workforce 53% female and 47% male from 28 nationalit
Slide 26: Portfolio Diversification & Resilience Appendix II
Year End Results - 31 Mar 2021 26 Portfolio Diversification & Resilience Appendix II
Slide 27: Diversified Portfolio - Assets
Year End Results - 31 Mar 2021 27 Diversified Portfolio - Assets Traditional Mixed-Use Industrial Business Parks Modern Mixed-Used Business Parks Out of Town Office Buildings (56% of current income) (27% of current income) (17% of current income) International blue-chip Warehouse/ Workshop Quality a
Slide 28: Diversified Portfolio – Usage & Tenants
Year End Results - 31 Mar 2021 28 Diversified Portfolio – Usage & Tenants Usage Split Tenant split by revenue 5,500+ Tenants 8% 7% Office Top 50 Anchor 32% Tenants Storage 53% 40% Production SmartSpace 21% SME Tenants Smartspace Other 7% Other SME 2.9Yrs Tenants Portfolio WALT 32% No. of tenants @ O
Slide 29: Property Valuations & Book Values
Year End Results - 31 Mar 2021 29 Property Valuations & Book Values Annualised Net Capital Rate Vacant Space Mar 21 Book Value €m NOI €m Gross Yield Occupancy Rent Roll €m Yield Value psm € psm € sqm Total Portfolio 1,347.2 97.2 88.8 7.2% 6.6% 863 87.0% 6.17 195,574 Other - - (1.1) - - - TOTAL 1,347
Slide 30: Organic Rent Roll & Valuation Potential
Year End Results - 31 Mar 2021 30 Organic Rent Roll & Valuation Potential (Please note the information below is a pure extrapolation of numbers to show the relationship between valuation, rent roll and gross yield) Mar 21 Increase rent roll to €110m Reduction of yield by 1% ▪ 97.2m rent roll ▪ €177m
Slide 31: Diversified Portfolio - Locations
Year End Results - 31 Mar 2021 31 Diversified Portfolio - Locations No. Of Total % of Rate Annualised Book Value Mar 21 Properties sqm Occupancy Portfolio Gross Yield psm € Rent €m €m ‘000’s By Rent Frankfurt 15 361.0 88.9% 6.27 24.1 24.8% 315.7 7.6% Berlin 4 103.2 98.0% 7.45 9.0 9.3% 144.4 6.3% Stu
Slide 32: SRE Completed Acquisitions
Year End Results - 31 Mar 2021 32 SRE Completed Acquisitions Mannheim III Norderstedt Fellbach II Nuremberg
Slide 33: Diversified Products - SmartSpace
Year End Results - 31 Mar 2021 33 Diversified Products - SmartSpace Annualised rent roll % of total Total Occupied Occupancy Rate per sqm (excl. SmartSpace product type (ex. service charge) annualised SmSp sqm sqm % service charge) € €’000 rent roll First Choice Office 5,117 2,875 56% 664 10% 19.24
Slide 34: Resilience – Enquiries & Sales
Year End Results - 31 Mar 2021 34 Resilience – Enquiries & Sales Year on Year Enquiries 2,000 1,500 1,000 ▪ 18.5% year on year increase in enquiries in the period 500 0 ▪ 1,461 average enquiries per month in the period Apr May Jun Jul Aug Sep Okt Nov Dez Jan Feb Mar No. of enquiries 2019/20 No. of e
Slide 35: Resilience – Cash Collection
Year End Results - 31 Mar 2021 35 Resilience – Cash Collection Cash collection - 12 months to March 21 14.00 ▪ Experienced cash collection team 12.00 ▪ 98.2% cash collection success rate for the period 10.00 ▪ €143.8m invoiced net of VAT in period 8.00 million € 6.00 ▪ €2.7m outstanding as at March
Slide 36: Enquiries/Viewings/Sales – Year on Year Comparison
Year End Results - 31 Mar 2021 36 Enquiries/Viewings/Sales – Year on Year Comparison 1,716 1,750 Enquiries 1,591 1,627 1,622 1,577 1,477 1,506 Average for 12 Months ENQUIRIES 1,392 No. of Enquiries 1,368 1,202 1,248 1,235 1,307 19/20 Apr 20 – Mar 21 Increase on 12 month 1,250 1,367 1,242 1,255 1,417
Slide 37: Portfolio Renewals Analysis to Mar 21
Year End Results - 31 Mar 2021 37 Portfolio Renewals Analysis to Mar 21* Up for Renewal (Sqm, Income & No. Tenants) 2021/22 ‘000’s € No. Tenants 300 700 600 250 500 200 400 150 300 100 200 50 100 0 0 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 TOTALS Sqm 31,20
Slide 38: Lettings & Renewals Performance
Year End Results - 31 Mar 2021 38 Lettings & Renewals Performance New Lettings Renewal (sqm) Rate* Mar 17 151,320 69% ▪ Platform selling between 151k–171k sqm of new lettings per Mar 18 160,133 75% annum Mar 19 170,866 66% ▪ Tenant income retention rates of between 66% and 78% Mar 20 162,607 78% ▪ A
Slide 39: Portfolio Growth Appendix III
Year End Results - 31 Mar 2021 39 Portfolio Growth Appendix III
Slide 40: Growth – the Numbers
Year End Results - 31 Mar 2021 40 Growth – the Numbers Mar-21 Mar-20 Mar-19 Mar-18^ Mar-17 Mar-16 Mar-15 Portfolio book value (€m) 1,347.20 1,186.20 1,132.50 967.3 823.3 687.4 545.6 Rent roll* (€m) 97.2 90.3 87.8 79.5^ 71.0 60.5 50.0 NOI (€m) 87.7 78.0 76.7 66.4 61.4 52.5 42.7 FFO (€m) 60.9 55.7 48.
Slide 41: Total Accounting Returns
Year End Results - 31 Mar 2021 41 Total Accounting Returns 25% 16.0% 15.3% 17.0% 19.3% 13.1% 19.5% 20% ▪ Double digit returns throughout the cycle Total Accountimg Return (%) ▪ 1/3 of return generated through dividends 15% with 2/3 coming through NAV ▪ Dividend policy to pay out 65% of FFO 10% intro
Slide 42: Adjusted NAV per share Growth
Year End Results - 31 Mar 2021 42 Adjusted NAV per share Growth €684.5m 43.36 (16.80) Increase in net asset value 93.79 €420.9m Valuation gains 26.06 47.51 (6.34) €253.4m Recurring profit €107.9m Dividends paid * Other includes €161.5m relating to capital raises, €13.5m relating to movements in defe
Slide 43: Valuation Growth
Year End Results - 31 Mar 2021 43 Valuation Growth € 000’s Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Annualised Rent Roll €m 60.5 71.0 75.8 87.8 90.3 97.2 Gross Yield 8.8% 8.6% 8.1% 7.8% 7.6% 7.2%
Slide 44: Acquisitions Owned >1 yr – Returns Achieved
Year End Results - 31 Mar 2021 44 Acquisitions Owned >1 yr – Returns Achieved Acquisition Mar-21 38 €248.4m Assets acquired & owned for > 1 yr Total Cost €546.9m 45% Valuation €795.3m Gross Yield 9.0%* Gross Yield 7.6% €15.3m 34% Rent Roll €44.9m Rent Roll €60.2m 3.7 Yrs NOI €36.4m €18.3m NOI €54.7m
Slide 45: Acquisitions Owned >1yr – Growth
Year End Results - 31 Mar 2021 45 Acquisitions Owned >1yr – Growth Total Acq. Mar 21 Valuation Acq. Rental Mar 21 Annualised Rental Capex Since Acq. Mar 21 Occupancy Financial Year Cost Valuation Increase Income Annualised Income Increase Acq. Occupancy Occupancy Increase €m €m €m €m Rental Income €
Slide 46: Accretive Asset Recycling since Sep 14
Year End Results - 31 Mar 2021 46 Accretive Asset Recycling since Sep 14 Acquisitions (42) Mar-21 Sep 14 - Mar 21 Core Disposals (20) Sep 14 – Mar 21 Total Cost €582.5m Valuation €830.6m Uplift 43% Value €288.2m Disposal Price €325.0m Gross Yield 8.8%* Gross Yield 7.6% Movement (1.1)% Gross Yield 7.
Slide 47: Vacant Space Analysis
Year End Results - 31 Mar 2021 47 Vacant Space Analysis Mar 21 Ending Position Total space – sqm 1.5m 87% Occupied space – sqm 1.3m Occupancy Vacant space – sqm 0.2m Mar-21 Capex ERV (post invest) % of Total space Sqm Sub optimal space €m €m Acquisition capex programme 1% 14,774 5.6 1.1 Recently Vac
Slide 48: Original Capex Programme
Year End Results - 31 Mar 2021 48 Original Capex Programme Completed in period: 3.6k sqm €1.2m €0.1m Vacant space refurbished in period Invested in period Annualised rental income Budget Achieved to date Capex Investment Rent Rent Programme Progress Investment Invest Rate Investment Invest Rate Sqm
Slide 49: New Acquisition Capex Programme
Year End Results - 31 Mar 2021 49 New Acquisition Capex Programme Completed in period: 49.6k sqm €8.8m €2.5m Vacant space refurbished in period Invested in period Annualised rental income Budget Achieved to date Capex Investment Rent Rent Programme Progress Investment Invest Rate Investment Invest R
Slide 50: Lease Escalations
Year End Results - 31 Mar 2021 50 Lease Escalations Rent Roll – Mar 21 €97.2m Escalation Breakdown ▪ 48% of rent roll subject to contractual uplifts Uplifts 47.6% ▪ 40% of rent roll subject to inflation-based indexations Indexation 40.4% ▪ Total annual escalations estimated at 2% Rolling contracts 9
Slide 51: Titanium Appendix IV
Year End Results - 31 Mar 2021 51 Titanium Appendix IV
Slide 52: Titanium – Sirius & AXA IM Alts
Year End Results - 31 Mar 2021 52 Titanium – Sirius & AXA IM Alts ▪ AXA IM Alts – trusted partner & 65% equity holder of Titanium ▪ Sirius Real Estate – asset manager & 35% equity holder of Titanium ▪ €168m seed portfolio sold into Titanium by Sirius in July 2019 ▪ Targeting stabilised assets > €45.
Slide 53: Titanium – Balance Sheet
Year End Results - 31 Mar 2021 53 Titanium – Balance Sheet Titanium Sirius Balance €244.2m Sirius 35% Share Sheet Combined Investment property value* €m €m €m Investment property 85.5 1,347.2 1,432.6 Other assets 3.6 46.8 50.4 31.0% Cash 7.4 65.7 73.1 Net LTV Total assets 96.4 1,459.7 1,556.1 Bank l
Slide 54: Titanium – Performance
Year End Results - 31 Mar 2021 54 Titanium – Performance Mar 20 Mar 21 Movement Valuation (€’000) 229,000 244,000 6.6% Rent Roll (€’000) 14,500 15,400 6.2% Gross Yield 6.3% 6.3% - Rate (€ psqm) 6.23 6.43 3.2% Occupancy 88% 88% - ▪ Resilient mature seed portfolio providing secure income stream despit
Slide 55: Titanium – Income Returns
Year End Results - 31 Mar 2021 55 Titanium – Income Returns Mar 21 Run Rate* ▪ Share of profit through 35% equity ownership Invested equity €51.6m ▪ Management fees generated from the provision of a range of property related services Profit after tax €4.7m Net Management fees €2.1m ▪ Attractive inco
Slide 56: Financing Appendix V
Year End Results - 31 Mar 2021 56 Financing Appendix V
Slide 57: Debt Maturity – Mar 21
Year End Results - 31 Mar 2021 57 Debt Maturity – Mar 21 HSBC Schuldschein - Tranche 4 3.9 HSBC Schuldschein - Tranche 3 3.9 2.7 Years SEB AG III 3.9 Weighted average maturity Saarbrucken Sparkasse 3.8 SEB AG II 3.5 €345.4m €126.6m Deutsche Pfandbriefbank AG 2.8 Scheduled repayments BH Amber 2.6 wit
Slide 58: Covenants
Year End Results - 31 Mar 2021 58 Covenants Facility Covenants March 21 Position Hard Covenant Loan Expiry Date ICR* DSCR* DYR* LTV** ICR DSCR DYR LTV SEB AG 8.2x n/a n/a 38.6% 4,3x n/a n/a 70.0% September 2022 SEB AG II n/a n/a 11.46% 46.9% n/a n/a 5.75% 66.5% October 2024 SEB AG III n/a n/a 14.02%
Slide 59: The Sirius Platform Appendix VI
Year End Results - 31 Mar 2021 59 The Sirius Platform Appendix VI
Slide 60: Integrated Operating Platform
Year End Results - 31 Mar 2021 60 Integrated Operating Platform Acquisitions Team Acquire assets 5 Service Charge Team Marketing Team Cost recovery Lead generation 12 10 Finance, IT, HR, Legal Asset & Property Mgt. Execution & support Sales Inbound Team Strategic & operational 99 Lead conversion to
Slide 61: Marketing & Sales Success Factors
Year End Results - 31 Mar 2021 61 Marketing & Sales Success Factors Marketing ▪ Fully integrated central in-house team of digital experts Sirius data Sirius develops Sirius is not giving ▪ Sophisticated data-driven online Marketing: 85% of all enquiries intelligence is 3 models to capture knowledge
Slide 62: Rental Movement – 6 Years
Year End Results - 31 Mar 2021 62 Rental Movement – 6 Years (22.7) 11.7 42.1 8.6 19.2 97.2 108.9 €m 50.0 31-Mar-15 Move-Ins & Move Uplifts Acquisitions Disposal 31-Mar-21 ERV Capex Invest & Potential Rent Roll Outs ERV Lettable Space
Slide 63: Service Charge Recovery
Year End Results - 31 Mar 2021 63 Service Charge Recovery 100% 95% 90% ▪ Dedicated and experienced in-house SC team 85% ▪ Total service charge costs circa €55m 80% ▪ Consistently recovering in excess of occupancy due to specialist techniques 75% ▪ €5m+ annual recurring benefit versus market 70% Mar
Slide 64: Case Studies Appendix VII
Year End Results - 31 Mar 2021 64 Case Studies Appendix VII
Slide 65: Case Study - Markgröningen
Year End Results - 31 Mar 2021 65 Case Study - Markgröningen Site Plan & Impression
Slide 66: Case Study - Markgröningen
Year End Results - 31 Mar 2021 66 Case Study - Markgröningen Property Overview ▪ Traditional business park located in Markgröningen acquired from the former owner totalling of 56,615sqm including 17,845 sqm of vacant space at an EPRA net yield of 10.4% ▪ Financed by a seven year facility at a fixed
Slide 67: Case Study - Markgröningen
Year End Results - 31 Mar 2021 67 Case Study - Markgröningen Financials & Returns To Date 4.8Yr Returns Returns Analysis €m Acquisition Total Mar 21 Retained Profit *** 7.5 May 16 Improvement Total Cost/Valuation €8.7m €27.7m €19.0m Valuation Increase 19.0 Capex (5.0) Total sqm 56.615 57.697 1,082 T
Slide 68: Case Study – Aachen
Year End Results - 31 Mar 2021 68 Case Study – Aachen 1 Site Plan & Impression
Slide 69: Case Study – Aachen
Year End Results - 31 Mar 2021 69 Case Study – Aachen 1 Property Overview ▪ Well-located office building acquired at attractive EPRA net yield of 8.3% ▪ Value add opportunity through 6,619 sqm of recognising vacancy upgrade and a targeted sales and marketing plan ▪ Initially financed by a seven-year
Slide 70: Case Study – Aachen
Year End Results - 31 Mar 2021 70 Case Study – Aachen 1 Financials & Returns To Date 6.25Yr Returns Returns Analysis €m Acquisition Total Mar 21 Retained Profit *** 10.9 Jan 15 Improvement Total Cost/Valuation € 18.7m € 34.2m € 15.5m Valuation Increase 15.5 Capex (2.4) Total sqm 24,201 24,201 - Tota
Slide 71: Share Register Appendix VIII
Year End Results - 31 Mar 2021 71 Share Register Appendix VIII
Slide 72: Share Register – April 2021
Year End Results - 31 Mar 2021 72 Share Register – April 2021 Top 10 Shareholders Top 10 Shareholders Shares (m) % Holding Aberdeen Standard Investments 136.2 12.9% BlackRock 112.9 10.7% Vanguard Group 45.2 4.3% Public Investment Corporation 44.9 4.3% BMO Global Asset Management (UK) 31.3 3.0% Thame
Slide 73: Disclaimer
Year End Results - 31 Mar 2021 73 Disclaimer This presentation may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of Sirius Real Estate Limited (“Sirius”). Such statements and forecasts involve risk