Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — Corporate Update (September 2022)
15 slides from Sirius Real Estate's corporate update, Sep 30, 2022
Slide 1: Trading Update 30th Sept 2022
TRADING UPDATE 30TH SEPT 2022 www.siriusfacilities.com
Slide 2: Leading Owner of Business Parks, Industrial Complexes & Out-Of-Town offices
Leading Owner of Business Parks, Industrial Complexes & Out-Of-Town offices in Germany & the UK 2 Sept 2022 Trading Update
Slide 3: About Sirius
About Sirius 3 1 Leading owner and operator Fully integrated operating Market capitalisation of over of business parks, industrial complexes & platforms with employees in nearly 150 €900 million (£800 million) out of town offices in Germany & the UK locations across Germany & the UK UK REIT Status *
Slide 4: About Germany
About Germany 4 1 Economy spread across several Well diversified economy The “Mittelstand” large autonomous markets Machinery, automotive, The SME market makes up over 50% of the German Frankfurt, Berlin, Munich, Hamburg, chemical, medical, economy in terms of both employment & output; Dusseldorf, C
Slide 5: Russia / Ukraine Conflict & Utilities
Russia / Ukraine Conflict & Utilities 5 ▪ According to the German Federal Agency responsible for the co-ordination of the supply of Gas throughout Germany, the events at the Nord Stream 1 and 2 pipelines are not affecting gas supply in Germany. No gas has been delivered through Nord Stream 1 since t
Slide 6: About UK
About UK 6 Market synergies Strong rental growth potential Regional Investment a Industrial/out of town office market in the High levels of market fragmentation and Government priority (1st) UK presents similar characteristics to out chronic supply constraints offer potential Government focused on ‘
Slide 7: Trading Update to Sept 22 - Highlights
Trading Update to Sept 22 - Highlights 7 Trading for the year in line with expectations, continued Rental Growth & Strong Balance Sheet, with defensively valued high yielding* portfolio in UK & Germany Germany UK +2.4% 79,872 sqm +4.1% £16.0m L4L rent roll New Lettings at L4L rent roll Disposals com
Slide 8: Trading Update to Sept 2022
Trading Update to Sept 2022 8 Highlights Germany: Highlights U.K.: Rent growth driven by continued strong Unlocking latent value in the BizSpace portfolio demand ▪ 2.4% increase in like for like annualised rent roll to ▪ 4.1% increase in like for like annualised rent roll to £46.5* €115.2 million (t
Slide 9: Asset Recycling
Asset Recycling 9 Three disposals sold above book value, collectively at a 32% premium to book value, with proceeds recycled into the acquisition of three sites which have significant opportunity for growth Total Sales Annualised Annualised SQM Site Date Price Rental Income NOI Occupancy Gross Yield
Slide 10: Valuation Sensitivity – German Portfolio
Valuation Sensitivity – German Portfolio 10 The portfolio was last valued in March 22 at, comparative to the rest of the sector, a relatively high gross yield of nearly 7% in Germany. €m 6.00% 6.93% 7.00% 7.10% 7.20% 7.30% 7.40% 7.50% 7.60% 7.70% 7.80% 7.90% 8.00% 110.0 1,833 1,587 1,571 1,549 1,527
Slide 11: Combined Capex Programme - Germany
Combined Capex Programme - Germany 11 Completed: 380.9k sqm €58.6m €24.3m Vacant space refurbished Invested Annualised rental income Budget Achieved to date Capex Investment Annualised Annualised Programme Investment Invest Rent Rate Investment Invest Rent Rate Progress Sqm Occupancy Occupancy €m ps
Slide 12: Financing
Financing 12 Refinanced the €170 million BerlinHyp AG Amber Loan facility with a seven year term extension to 31 October 2030 commencing in November 2023, increasing the Group’s weighted average cost of debt from 1.4% to 1.9% in November 2023 €1.6bn €993m Total value of unencumbered assets Total Bor
Slide 13: Debt Maturity
Debt Maturity 13 BerlinHyp AG Amber € 172.0m 5 Years Weighted Average Debt Term Corporate Bond II € 300.0m Corporate Bond I € 400.0m Schuldschein - Tranche 4 € 10.0m €15.0m Current Priority = €94m of debt Sparkasse expiring in next two years Schuldschein - Tranche 3 € 5.0m Discussions are well under
Slide 14: Embedding ESG Into Our Future
Embedding ESG Into Our Future 14 ▪ Continue to progress with embedding ESG into the business and strategy, concentrating on material drivers ▪ Economic viability and long-term sustainable performance is central to all of our actions ▪ Decarbonisation plans developing, commencing with detailed analys
Slide 15: Conclusion
Conclusion 15 ▪ German Government relief package up to €200 billion open to both consumers and businesses announced in September ▪ Defensively valued high yielding portfolio, together with consistently increasing revenues ▪ Proactively managing debt to maintain an average cost of debt of around 2% f
Sirius Real Estate — Corporate Update (September 2022) on 6ix