Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — FY2025 Earnings Presentation
74 slides from Sirius Real Estate's earnings presentation, March 2025
Slide 1: March 25 Vantage Point, UK
March 25 Vantage Point, UK
Slide 2: Klipphausen, Germany
KLIPPHAUSEN Germany Klipphausen, Germany
Slide 3: Germany and UK portfolio overview
▪ 70 sites, clustered around the edge of all 7 major cities ▪ Occupancy of 85.4% ▪ Valued at a 6.7% net yield ▪ 6,499 tenants across those sites ▪ Organic growth centred on ▪ Ranging from blue chips to 100‘s of SME's ▪ asset management ▪ €1.9bn gross asset value ▪ recycling capital into new acquisit
Slide 4: FFO €123.2m, +11.8%
FFO: €123.2m | +11.8% (2024: €110.2m) PBT = €201.6m | +75% (Mar 2024: €115.2m) GROUP OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE BALANCE SHEET RESILIENCE Annualised LFL Rent Roll Growth FFO per share: 8.44c Group Net Yield 7.3% Group: 6.3% 5.7%* Germany: 6.7% UK: 9.5% Germany: 6.1% UK: 6.6% Divide
Slide 5: FFO and profit before tax reconciliation
MAR 25 MAR 24 MOVEMENT €m €m % €m 215.3 187.0 +15.1% 28.3 Titanium income 8.7 7.6 1.1 Service charge irrecoverable costs (25.8) (18.7) (7.1) Non-recoverable maintenance (8.4) (7.1) (1.3) 189.8 168.8 +12.4% 21.0 Corporate costs and overheads (48.0) (43.3) (4.6) 141.8 125.4 +13.0% 16.4 Bank interest (
Slide 6: 23rd consecutive dividend increase
– 23rd Consecutive increase in dividend paid by the company 14 13.00 (3.29) 12 10 (1.27) Cents per share 8 8.44 (0.20) 8.19 (0.40) 7.78 6 6.15 4 2 NOI Overheads Interest and FFO Adjusting items* Adjusted Earnings EPRA EPRA Earnings Dividend Per Share current tax after Tax adjusting items** Note: All
Slide 7: Balance sheet
MAR 25 MAR 24 MOVEMENT €m €m % €m Investment properties (owned assets) 2,465.2 2,186.7 13% 278.5 Investment properties (leased assets) *22.9 *23.9 (4%) (1.0) Investment in associate 71.2 70.3 1% 0.9 Plant and equipment *19.5 11.1 76% 8.4 Trade and other receivables **89.1 59.0 44% 26.0 Cash and cash
Slide 8: NAV per share movement
124.89 125.0 2.18 (0.45) 5.82 123.16 (0.38) 123.0 121.0 119.0 118.89 (5.62) 117.61 5.76 117.0 (1.28) Cents per share 115.0 113.0 0.46 1.30 111.12 111.0 109.82 109.0 107.0 105.0 EPRA NTA per share EPRA Adjustments** Adj. NAV per share Adj. items* Recurring PAT GER Valuation gain GER Adj. NAV after GE
Slide 9: Germany site performance
SITE MAR 25 MAR 24 CHANGE Annualised Rent Roll €140.2m €129.7m 8.1% Annualised Rent Roll (LFL) €137.6m €129.7m 6.1% Occupancy (LFL) 85.8% 85.2% 0.6% Rate psm (LFL) €7.55 €7.24 4.3% Move-Ins* 206,477sqm 169,176sqm 22.0% Move-Ins Rate psqm* €8.36 €8.81 (5.1)% Move-Outs Rate psm* €8.00 €8.20 (2.4)% Mov
Slide 10: Germany rent roll bridge
€m 145.0 2.6 * 140.2 140.0 4.5 137.6 135.0 15.7 130.0 129.7 125.0 120.0 5.0 115.0 (17.3) 110.0 105.0 100.0 LFL Mar 24 LFL Move-outs LFL Capex Move-ins LFL Move-ins LFL uplifts LFL Mar 25 Acquisitions Total Mar 25 * Includes Göppingen, Klipphausen and a building adjacent to our existing Dresden site
Slide 11: Germany portfolio valuation increases
PORTFOLIO VALUATION INCREASES LIKE FOR LIKE ASSETS €m As at 31 Mar 2024: 2,000 Gross Yield = 7.5% 1,890.6 1,900 40.7 ** Net Yield = 6.8% 19.3 1,849.8 105.4 * Capital value psm = €948 1,800 1,725.2 As at 31 Mar 2025: 1,700 Gross Yield = 7.4% Net Yield = 6.8% 1,600 Capital value psm = €1,016 1,500 ACQ
Slide 12: Increased conversion rates
INCREASED CONVERSION RATES MONTHLY AVERAGES Enquiries/Viewings/Sales Apr 24 – Mar 25 Apr 23 – Mar 24 1,800 250 Enquiries 1,268 1,323 Viewing 916 835 1,600 Sales 176 179 1,400 200 Enquiries Viewings 72.2% 63.1% 1,200 150 Enquiries Sales 13.9% 13.5% 1,000 800 ▪ 72.2% viewing conversion rate versus 63.
Slide 13: German acquisitions
€98.2m (€105.6m*) invested into six assets; two completed in the period, three notarised within the period, one notarised (Lübeck) post period to complete by Aug 25: GÖPPINGEN KLIPPHAUSEN MUNICH NEUAUBING II Total Investment: €21.4m Total Investment: €14.6m Total Investment: €13.3m Date of Completio
Slide 14: German acquisitions continued
REINSBERG MÖNCHENGLADBACH LÜBECK Total Investment: €22.2m Total Investment: €17.2m Total Investment: €12.7m Date of Completion: Apr 2025 Date of Completion: Est. Jun 2025 Date of Completion: Est. Aug 2025 Gross Yield: 7.4% Gross Yield: 15.2% Gross Yield: 8.9% EPRA Net Yield: 6.0% EPRA Net Yield: 8.2
Slide 15: Organic growth plan: Value-Add assets
Organic growth plan focused on investment into Value-Add Assets BOOK VALUE RENT ROLL NOI GROSS YIELD NET YIELD CAPITAL VALUE OCCUPANCY RATE PSM VACANT SPACE Mar-25* €m €m €m psm € € sqm Value-Add 1,171.2 91.1 79.7 ** 7.8% 6.8% 894 81.6% 7.28 235,487 Mature 719.4 49.1 47.7 6.8% 6.5% 1,270 94.5% 7.93
Slide 16: Capex invested March 2025
CAPEX INVESTED MARCH 2025 GROUP €41.7m GERMANY €29.0m UK €12.7m VALUE ADD CAPEX RENEWALS Nurenberg, Germany Dreieich II, Germany Group: €11.5m Group: €0.9m Germany: €8.3m Germany: €0.9m UK: €3.2m UK: €0.0m NEW BUILDS WORKS & ESG Group: €3.3m Group: €26.0m Germany: €3.3m Germany: €16.5m Klipphausen,
Slide 17: Capex budget vs achieved
BUDGET ACHIEVED TO DATE Sqm Developed 253,492 253,492 Sqm Renewed 171,164 Investment €m 34.8 30.7 Investment €m 3.85 Investment psm € 137 121 Incremental Rent Improvement 2.12 Rent Improvement €m 13.2 10.8 ROI % 55% Occupancy 93% 69% Rate psm € 4.65 5.11 ▪ Investment to facilitate re-gearing of leas
Slide 18: Berlin Gartenfeld halls
SQM INVESTMENT RENT RATE PSM RATE PSM OCCUPA YIELD ON VALUE IRR SQM INVESTMENT RENT RATE PSM RATE PSM OCCUP YIELD ON VALUE IRR IMPROVEMENT BUDGETED ACHIEVED NCY COST UPLIFT* IMPROVEMENT BUDGETED ACHIEVED ANCY COST UPLIFT* €M €M € € % €M €M € € % 3,071 5.3 0.5 10.50 13.66 100% 9% 2.6 23% 891 1.7 0.1
Slide 19: UK site performance
SITE MAR 25 MAR 24 CHANGE Annualised Rent Roll £67.9m £55.6m 22.1% Annualised Rent Roll £56.8m £53.3m 6.6% (LFL) Occupancy (LFL) 89.4% 87.1% 2.3% Rate psqft (LFL) £15.63 £14.99 4.3% Move-Ins * 741,506sqft 623,678sqft 18.9% Move-Ins Rate psqft * £16.11 £17.40 (7.4%) Move-Outs Rate psqft * £16.55 £18.
Slide 20: UK rent roll bridge
£m 80.0 70.0 11.1 67.9 60.0 3.2 56.8 55.6 53.3 17.5 50.0 (2.3) 40.0 (17.2) 30.0 20.0 10.0 0.0 Total Mar 24 Disposal LFL Mar 24 LFL Move-outs LFL Move-ins LFL Uplifts LFL Mar 25 Acquisitions Total Mar 25
Slide 21: UK portfolio valuation increases
PORTFOLIO VALUATION INCREASES LIKE FOR LIKE ASSETS £m As at Mar 2024: Gross Yield = 13.9% 500.0 88.6 480.0 Net Yield = 9.2% Capital Value per sqft = £94 450.0 As at Mar 2025: 400.0 394.7 13.4 * 391.3 Gross Yield = 14.5% 382.9 (11.7) (5.0) Net Yield = 9.4% Capital Value per sqft = £96 350.0 Net Yield
Slide 22: UK monthly averages
MONTHLY AVERAGES 2,500 140 Apr 24 – Mar 25 Apr 23 – Mar 24 Enquiries 1,600 1,426 120 Viewing 358 361 2,000 Sales 112 97 100 Enquiries Viewings 22.4% 25.3% Enquiries Sales 7.0% 6.8% 1,500 80 60 ▪ 12% increase in enquiries in the period 1,000 40 ▪ An average of 112 deals per month 500 20 ▪ 7.0% sales
Slide 23: UK acquisitions
£129.1m (£137.2m) in six assets acquired during the financial year 2024/2025 23 Vantage Point Business Park BANBURY WEMBLEY Acquisition Price: £47.0m Acquisition Price: £25.0m Acquisition Price: £6.3m Date of Completion: Apr 2024 Date of Completion: Jun 2024 Date of Completion: Jun 2024 Gross Yield:
Slide 24: UK acquisitions continued
24 CARNFORTH EARL MILL (OLDHAM) CHALCROFT Wembley Banbury Acquisition Price: £9.1m Acquisition Price: £5.7m Acquisition Price: £40.5m Date of Acquisition: Oct 2024 Date of Acquisition: Feb 2025 Date of Acquisition: Mar 2025 Gross Yield: 11.4% Gross Yield: 15.9% Gross Yield: 5.1% EPRA Net Yield: 11.4
Slide 25: Disposals and recycled acquisitions
Four disposals all completed at or above book value at a total collective premium to book value of >7.0%, with proceeds recycled into the acquisition of twelve sites offering significant opportunities for value creation from 76,000 sqm of vacant space DATE TOTAL INVESTMENT SQM ANNUALISED RENTAL INCO
Slide 26: Increase FFO to €150m in sight
Increase FFO to €150m already in sight through existing initiatives ▪ €10.0m contribution relating to capex investment programmes in Germany 200 ▪ €6.0m contribution from the let up of €m vacant space in Germany (8.0) 18.0 175 ▪ €14.0m of pricing initiatives in Germany 3.0 (26.0) 10.0 ▪ €10.0m of pr
Slide 27: Net LTV, cost of debt, debt expiry
Mar 25 31.4% Net LTV Unsecured Borrowings €1,109.9m Secured Borrowings €235.7m €1,345.6m Net LTV* 31.4% 2.6% Average cost of debt Weighted average interest rate 2.6% Interest cover at EBITDA level 6.3x Weighted average debt expiry - years 4.2 Net Debt / EBITDA 5.2x €350m 7-year unsecured investment
Slide 28: Strong organic and acquisitive growth, strong balance sheet
STRONG ORGANIC & ACQUISITIVE GROWTH ▪ FFO growth of 11.7% to €123.2m compared to same period to Mar 24 ▪ 6.3%* increase in annualised YoY LFL Group rent roll (12.8%* Total Rent Roll) with Germany and the UK increasing by 6.1% and 6.6% respectively ▪ €270m acquisitions notarised or completed Islingto
Slide 29: Outlook
▪ The new financial year has started well and we continue to be active on the acquisition front ▪ In Germany the strength of our operating platform has driven above inflationary rent roll growth in spite of economic headwinds ▪ Our UK portfolio has grown substantially through acquisitions providing
Slide 30: Dividends and total return
DIVIDENDS | 23rd Consecutive increase in the dividend paid by the company 4.0 Dividend Growth 2014 to 2025 2.98 3.00 3.05 3.06 3.09 Cents per share 3.0 2.70 2.37 1.98 2.04 1.63 1.73 1.77 1.80 1.82 2.0 1.39 1.53 1.56 1.60 1.30 0.77 0.84 0.84 1.0 0.30 0.0 14 H2 15 H1 15 H2 16 H1 16 H2 17 H1 17 H2 18 H
Slide 31: Appendix contents
▪ Market Dynamics and Portfolio | Germany ▪ Titanium Appendix I (P. 32 - P. 38) Appendix VI (P. 51 - P. 55) ▪ Total investment property value of €362.8m ▪ Market Dynamics and Portfolio | UK ▪ Financing Appendix II (P. 39 - P. 42) Appendix VII (P. 56 - P.58) ▪ Portfolio Growth ▪ Debt Maturity Appendi
Slide 32: Appendix
APPENDIX | Disceldor, GERMANY
Slide 33: German market dynamics
Economy spread across several large Well diversified economy The "Mittelstand" autonomous markets Machinery, automotive, chemical, medical, energy, The SME market makes up over 50% of the German Frankfurt, Berlin, Stuttgart, Cologne, Munich, Düsseldorf & environmental, consumer and service. economy
Slide 34: German portfolio valuation
Book Value Annualised Rent NOI Net Capital Value Rate Vacant Space MAR-25 Gross Yield Occupancy €m Roll €m €m Yield psm € psm € sqm Total Portfolio 1,890.6 140.2 126.4 7.4% 6.8% 1,008 85.4% 7.50 265,655 TOTAL 1,890.6 140.2 126.4 7.4% 6.7% 956 85.4% 7.50 265,655 VALUATION MOVEMENT IN PERIOD €m % Chan
Slide 35: German tenant and usage split
USAGE SPLIT BY SQM TENANT SPLIT BY REVENUE 6,499 Tenants Storage 2.7yrs Portfolio WALT 32% 32% Top 50 Anchor Production 37% Tenants 56% Smartspace SmartSpace SME Tenants 7.4% Of total rent roll relate to Government Tenants Other Other SME 8% Tenants 6% 22% Office 7% 85.4% Occupancy NO. OF TENANTS OC
Slide 36: German locations
LOCATIONS NO. OF TOTAL SQM RATE ANNUALISED RENT % OF PORTFOLIO BOOK VALUE MAR 25 OCCUPANCY GROSS YIELD PROPERTIES ‘000’s psm € €m BY RENT €m 4 Frankfurt 16 341 88.5% 7.94 28.8 21% 368.0 7.8% Berlin 4 107 96.0% 9.48 11.7 8% 184.5 6.3% 4 Stuttgart 10 368 90.7% 5.71 22.9 16% 295.1 7.7% 15 Cologne 8 147
Slide 37: SmartSpace
SMARTSPACE ANNUALISED % OF TOTAL RATE RENT ROLL SMARTSPACE TOTAL OCCUPIED OCCUPANCY ANNUALISED per sqm (ex. service PRODUCT TYPE sqm sqm % SMSP RENT (excl. service charge) ROLL charge) € m€ SMSP Storage 56,483 40,393 72% 4.1 42% 8.25 SMSP Office 41,824 28,750 69% 3.6 36% 10.31 First Choice 7,747 5,3
Slide 38: German asset types
ASSETS Traditional Mixed Use Industrial Business Parks Modern Mixed Use Business Parks Out of Town Office Buildings Large scale Long-term lease lengths SME’s + Retail Customers Long & Short -term leases Multi-tenant SME’s + co- Conventional + Flexible workspace working office space 55% 28% 17%
Slide 39: Carnforth, UK
Carnforth, UK
Slide 40: UK market dynamics
Market synergies UK defence spending set to rise Rise in nearshoring Industrial/out of town office market in the UK presents similar The defence industry supports 400,000 jobs and 12,000 companies SME businesses continue to see demand characteristics to its German counterparts with comparable lettin
Slide 41: UK tenant and usage split
USAGE SPLIT BY SQFT TENANT SPLIT BY REVENUE 3,978 Tenants 3% 1.4yrs Portfolio WALT Top 50 Office 22% 26% 31% Next 950 3.9yrs Average Tenure Workshop 71% Other 47% Remaining 87.3% Occupancy Clients ▪ Structural shortage of our space NO. OF TENANTS OCCUPIED SQFT ANNUALISED RENT ROLL RATE PSFT ▪ Nearly
Slide 42: UK asset types
ASSETS Industrial Assets Office Buildings Mixed Use Assets SME’s & growing Large scale SME’s & growing Conventional & flexible SME’s & growing Conventional & flexible businesses workspace businesses office spaces businesses office spaces 71% 15% 14%
Slide 43: Berlin, Germany
Berlin, Germany
Slide 44: German portfolio growth history
MAR-16 MAR-17 MAR-18^ MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 MAR-24 MAR-25 Portfolio book value (€m) 687.4 823.3 967.3 1,132.50 1,186.20 1,347.20 1,636.9 1,689.6 1,725.0 1,890.6 Rent roll* (€m) 60.5 71.0 79.5 87.8 90.3 97.2 113.7 123.1 129.7 140.2 NOI (€m) 52.5 61.4 66.4 76.7 78.0 87.7 101.5 108.6 117.1
Slide 45: UK portfolio growth history
NOV-21 MAR-22 MAR-23 MAR-24 MAR-25 Portfolio book value (£m) 345.5 382.2 367.2 394.7 480.0 Rent roll (£m) 41.9 45.1 48.5 55.6 67.9 NOI (£m) 27.5 * 30.5 ** 31.7 35.0 45.5 FFO (£m) 4.3 13.3 20.4 *** 23.8 37.3 Gross yield 12.1% 11.8% 13.2% 14.1% 14.1% Like-for-like rent roll increase - 6.9% 8.1% 7.9% 6
Slide 46: Bochum, Germany
Bochum, Germany
Slide 47: Income statement by geography
GERMANY GERMANY UK UK GROUP TOTAL GROUP TOTAL MAR 25 MAR 24 MAR 25 MAR 24 MAR 25 MAR 24 €m €m €m €m €m €m 138.0 127.3 77.3 59.7 215.3 187.0 Titanium income 8.7 7.6 - - 8.7 7.6 Service charge irrecoverable costs (7.2) (2.4) (18.7) (16.3) (25.8) (18.7) Non-recoverable maintenance (4.3) (4.2) (4.1) (2.
Slide 48: Statement of financial position by geography
GERMANY UK GROUP TOTAL MAR 25 MAR 24 MAR 25 MAR 24 MAR 25 MAR 24 €m €m €m €m €m €m Investment properties (owned assets) 1,890.6 1,725.2 574.6 461.5 2,465.2 2,186.7 Investment properties (leased assets) 8.5 9.8 14.4 14.1 22.9 23.9 Investment in associate 71.2 70.3 0.0 0.0 71.2 70.3 Plant and equipmen
Slide 49: Neu-Isenburg, Germany
APPEND! ot Ss ae\ | : : : Pag
Slide 50: ESG progress
▪ Continued progress in embedding ESG in strategy and operations, grounded in strong economic principles and robust ESG governance structures and processes. ▪ Finalised a comprehensive double materiality assessment, deepening understanding of ESG impact, and reconfirming the core of our ESG strategy
Slide 51: Berlin Tempelhof, Germany
) Belrn Tempethot, Germany ‘ ‘py ‘ :
Slide 52: Titanium partnership with 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 August 2019 ▪ Targeting stabilised assets > €45.0m with attractive running yields ▪ €138.8m of acquisitions post
Slide 53: Titanium site performance
SITE MAR 25 MAR 24 CHANGE Rent Roll* €26.1m €25.1m 4.0% Occupancy* 85.3% 89.7% (4.4)% Rate psm* €7.30 €6.72 8.6% *Based on Headlease level MAINZ, GERMANY
Slide 54: Titanium investment property and LTV
TITANIUM €364.6m Investment property value SIRIUS 35% SHARE €m Investment property 127.7 Other assets 3.2 36.0% Net LTV* Cash 7.7 138.5 Bank loans (52.4) 7 No. of assets Other liabilities (8.4) Deferred tax (8.2) (69.0) 69.5 €26.1m Annualised rent roll * Ratio of gross debt less cash excluding restr
Slide 55: Movement in Titanium NAV
Mar 25 ▪ Share of profit through 35% equity ownership Invested equity €54.1m ▪ 1.5% increase in NAV after payment of €1.5m dividend Profit after tax €2.3m ▪ Management fees generated Net management fees (including €1.2m performance fee) €6.4m from the provision of a range of property related service
Slide 56: Financing
7. % FINANCING APPENDIX VII P56
Slide 57: Debt maturity profile
€m 700 4.2 years Weighted average maturity 600 586 500 2.6% Average cost of debt 400 400 360 300 200 €0m Maturing within the next year 100 - - - < 12 months 13-24 months 25-36 months 37-48 months > 49 months
Slide 58: Covenants
DSCR* DYR* LTV*** DSCR DYR LTV Berlin Hyp AG 2.10x n/a 52.7% 1.40x n/a 65.0% Oct 30 Sparkasse 3.10x n/a n/a 2.00x n/a n/a Feb 30 Deutsche Pfandbriefbank AG n/a 17% 45.1% n/a 8% 50% Dec 30 Unencumbered Unencumbered Asset to Net LTV Secured net LTV Asset to Unsecured FCCR Net LTV Secured LTV FCCR Unse
Slide 59: Sirius Group Platform
APPENDIX VII
Slide 60: German platform employees
TOTAL NO. EMPLOYEES IN > 59 LOCATIONS 313 Acquisitions Team 4 Acquire assets Service Charge Team Marketing Team 14 7 Cost Recovery Lead generation Asset & Property Mgt. Sales Inbound Team 71 Finance, IT, People & 9 Strategic & operational Lead conversion to viewing 122 Talent, Legal, ESG Execution &
Slide 61: UK platform employees
TOTAL NO. EMPLOYEES IN > 75 LOCATIONS 183 * 8 EMPLOYEES ARE EMPLOYED BY BIZSPACE AS GROUP EMPLOYEES SO ARE NOT INCLUDED IN BELOW NUMBER) Marketing Team Sales Inbound Team 2 7 Lead generation Lead conversion to viewing Finance, IT, People & 32* Talent, Legal, ESG Execution & support Asset & Property
Slide 62: Share Register
APPENDIXIX Pe s , Pe las , Se
Slide 63: Shareholders by owner, sector and geography
SHARES (m) % HOLDING OWNER BY SECTOR BlackRock 184.0 10.5% Mutual Funds 10% Aberdeen 105.0 7.7% 3% Pensions 4% Retail Public Investment Corporation (PIC) 81.6 5.4% 8% 43% Inv Trusts Vanguard Group 79.5 5.4% 13% REIT Truffle Asset Management 66.4 3.6% Insurance 19% Resolution Capital 55.0 3.6% Other
Slide 64: Case Studies
CASE STUDIES Ss APPENDIX X 55 P.64
Slide 65: Mahlsdorf site plan
SITE PLAN & IMPRESSION OWNER BY SECTOR GEOGRAPHY
Slide 66: Mahlsdorf property overview
PROPERTY OVERVIEW ▪ Modern business park in the outskirts of Berlin acquired in 2014 with adjacent park acquired in 2017 resulting in a combined asset comprising 42,000sqm of workspace ▪ Investment into previously hard to let space together with intensive asset management has resulted in occupancy r
Slide 67: Mahlsdorf financials and returns
FINANCIALS & RETURNS TO DATE Acquisition M1 Acquisition M2 M1 & M2 Actual Total Improvement Business Plan Returns Analysis Actual Returns Combined €m Dec 14 Jul 17 Total Retained Profit * 30.6 € 19.6m € 6.3m € 25.9m € 69.8m € 43.9m € 72.8m Cost/Valuation Total sqm 29,513 12,826 42,339 42,231 42,231
Slide 68: Ludwigsburg site plan
SITE PLAN & IMPRESSION OWNER BY SECTOR
Slide 69: Ludwigsburg property overview
PROPERTY OVERVIEW ▪ Traditional Business Park located north of Stuttgart acquired in September 2015 at a discounted EPRA net yield of 10.3% due to high volume of suboptimal space ▪ Transformational investment into suboptimal space supported by targeted sales and marketing plan has resulted in occupa
Slide 70: Ludwigsburg financials and returns
FINANCIALS & RETURNS TO DATE Acquisition Total Improvement Business Plan Returns Analysis Actual Returns Sep 14 Mar 25 €m Total Cost/Valuation € 7.4m € 26.3m € 18.9m € 28.9m Retained Profit * 16.1 Total sqm 28,242 28,467 - 28,467 Valuation Increase 18.9 Value psm € 277 € 924 € 647 € 949 Capex (4.3)
Slide 71: Heiligenhaus site plan
SITE PLAN & IMPRESSION OWNER BY SECTOR
Slide 72: Heiligenhaus property overview
PROPERTY OVERVIEW ▪ Well-located mixed-use business park located to the North-East of Dusseldorf acquired in October 2021 for €14.2m ▪ Total lettable space of 44,810 sqm with more than 10,300 sqm vacant when acquired ▪ Anchor tenant (85% of total rent roll) regeared and secured till 2030 ▪ 3,200 sqm
Slide 73: Heiligenhaus financials and returns
FINANCIALS & RETURNS TO DATE Acquisition Actual Total Business Plan Returns Analysis 3.5 Year Returns to Mar 25 Oct 21 Mar 25 Improvement €m Total Cost/Valuation €14.2m €29.8m €15.6m €33.2m Retained Profit * 4.7 Total sqm 45,081 44,810 44,810 Valuation Increase 15.6 Value psm € 316 € 665 € 349 € 692
Slide 74: Forward-looking statements 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 and uncertainty because they are based on cu