Wrap Text
Results For The Year Ended 31 March 2025 And Dividend Declaration
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
2 June 2025
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the "Company")
Results for the year ended 31 March 2025 and dividend declaration
Continued FFO growth with strong operational performance driving twelfth year of increased dividends
Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible
workspace in Germany and the UK, announces its consolidated financial results for the year to 31 March 2025.
Operating platform continues to drive rental and FFO growth
• 75% increase in profit before tax to €201.6m (2024: €115.2m) primarily due to an €81.0m asset management led
valuation gain (2024: €12.4m)
• 6.3%* like-for like rent roll growth to €205.6m* (2024: €193.5m*) driven by continued strong organic growth and occupier
demand in Germany and the UK
• 11.8% increase in Funds from Operations ("FFO") to €123.2m (2024: €110.2m) with FFO per share of 8.44c (2024:
8.95c) reflecting the dilutionary effect of the November 2023 and July 2024 equity raises which are not yet fully invested
• Operating profit increased by 65.2% to €215.9m (2024: €130.7m)
• 4.7% decrease in EPRA earnings per share to 7.82c (2024: 8.21c)
• Basic earnings per share increased by 39.4% to 12.20c (2024: 8.75c), while headline earnings per share decreased by
0.7% to 8.06c (2024: 8.12c)**
Sustainable FFO growth supports 23rd progressive dividend payout
• Progressive H2 dividend of 3.09c per share (2024: 3.05c per share), amounting to a 1.7% uplift in the total dividend for the
financial year to 6.15c (2024: 6.05c)
Income driven valuation gains
• Value of Investment property portfolio*** up 12.6% to €2,488.1m (2024: €2,210.6m) including an €81.0m asset management
led uplift
• Portfolio gross and net yields of 7.4% and 6.7% in Germany (2024: 7.5% and 6.8%) and 14.1% and 9.5% in the UK (2024:
14.1% and 9.9%) respectively, on a like-for-like basis
• Group EPRA net initial yield of 6.9% (2024: 6.8%) with Germany and the UK broadly stable at 6.3% and 8.9% (2024: 6.3%
and 8.8%) respectively
• 7.1% increase in EPRA NTA per share to 117.61c (2024: 109.82c) demonstrating the resilience of the portfolio
• 7.0% increase in Adjusted NAV per share to 118.89c (2024: 111.12c)
Significant market opportunity captured with €270.0m of acquisitions and €46.3m of disposals, at a premium to book
value***
• £141.5m (€168.7m) invested in six UK acquisitions (notarised or completed) adding £12.8m (€14.3m) of annualised NOI at
an average gross yield of 10.7% and 93.2% occupancy
• €101.3m invested in Germany in six acquisitions (notarised or completed) at a 9.9% average gross yield, with 77.2%
occupancy presenting an opportunity for future rental growth***
• Disposals of four assets in the UK with limited further growth opportunities and annualised NOI of £1.2m (€1.4m) completed
for £13.7m (€16.3m), all at premium to book value
• Post balance sheet disposal of a mature asset in Pfungstadt, Germany with an annualised NOI of €2.2m, notarised for
€30.0m at premium to book value
Strong balance sheet with capacity for acquisitions
• Equity raise of €180.9m (€174.5m net of costs) completed in July 2024
• Successful issuance in January 2025 of €350.0m 4% bonds due in 2032 and €59.9m tap of the bond due in November 2028
• €571.3m cash position at 31 March 2025 (2024: €214.5m) provides capacity for acquisitions, investment and refinancing of
the €400m bond due in June 2026
• 31.4% net LTV (March 2024: 33.9%) and Net Debt to EBITDA of 5.2x, comfortably inside our 40% and 8x target caps
respectively
• 2.6% (March 2024: 2.1%) weighted average cost of debt and weighted average debt expiry of 4.2 years (March 2024: 4.0
years) ensures stability, efficiency and long-term flexibility
• €12.7m facility with Saarbrücken Sparkasse refinanced to 2030 at 3.264%
Outlook
• The Company is trading in line with management expectations in the new financial year
• Sirius continues to target further growth options in both Germany and the UK on an opportunistic basis, including recycling
of mature assets and reinvesting in value-add opportunities
• Organic growth opportunities remain strong in both markets
Commenting on the results, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:
"This has been another strong year of performance for Sirius during which we have delivered for shareholders our 23rd consecutive
increase in dividend over a twelve-year period that has included a number of significantly challenging macro events. The progress
made in the year under review serves as a good example of how we have achieved this track record, having successfully raised
capital both in the debt and equity markets allowing us then to take advantage of market timing to make some €270 million of accretive
acquisitions. These have both added day one operating income and materially increased the pipeline of organic value creation
opportunities within our portfolio. Our asset management teams across the Sirius German and UK platforms have continued to drive
strong operational results, notably with a 6.3% growth in like-for-like rent roll which in turn supported valuation growth and helped us
deliver further profitability.
"Looking ahead we will continue to focus on extracting the latent value within our existing portfolio, although our overriding priority for
the year ahead is ensuring we fully capitalise on the remaining window of opportunity to make acquisitions before the next cycle
begins in earnest, given we may well either be at or near, and in some areas past, the bottom of the current cycle. We are also
working hard to ensure we are as well placed as possible to benefit from the recently announced increases in defence spending to
2.5% of GDP in the UK and, most notably, in Germany where the government has outlined an expected €400bn on defence spending
out of a total €900bn security and infrastructure investment package. We believe that even if only a small part of this flows into our
asset classes, defence has the potential to become a major growth sector and driver of demand for warehouse and manufacturing
space, where the rent is ultimately government derived. We are actively positioning our offering to attract some of this expected
business."
Notes:
*Group rent roll and rental income KPI's have been translated using a consistent foreign currency exchange rate of GBP:EUR 1.1971,
being the closing exchange rate as at 31 March 2025.
** Variance between basic and headline earnings per share is attributable to the gain on revaluation of investment properties being
included in the calculation of basic earnings per share and excluded from headline earnings per share.
*** Including notarised transactions after 31 March 2025.
1. DIVIDEND
The Board has authorised a dividend in respect of the second six months of the financial year ended 31 March 2025 of 3.09c
per share, an increase of 1.3% on the 3.05c per share dividend relating to the same period last year. The total dividend for the
year is 6.15c, an increase of 1.7% on the 6.05c total dividend for the year ended 31 March 2024.
It is expected that, for the dividend authorised relating to the six-month period ended 31 March 2025, the ex-dividend date will
be 25 June 2025 for shareholders on the SA register and 26 June 2025 for shareholders on the UK register. It is further expected
that for shareholders on both registers the record date will be 27 June 2025 and the dividend will be paid on 24 July 2025. A
detailed dividend announcement was made on 2 June 2025.
2. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information
in the full announcement ("Full Announcement") and does not contain full or complete details. The Full Announcement can be
found at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SREE/Final25.pdf
A copy of the Full Announcement is also available for viewing on the Company's website at https://www.sirius-real-
estate.com/news/regulatory-news/.
Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a
whole.
These annual results have been audited by the Company's auditors, Ernst & Young LLP, who expressed an unmodified audit
opinion thereon. This opinion is available, along with the annual financial statements on the Company's website at www.sirius-
real-estate.com.
WEBCAST
There will be an in-person presentation for analysts/investors at 09:00 BST (10:00 CET/ SAST) today, hosted by Andrew Coombs,
Chief Executive Officer, and Chris Bowman, Chief Financial Officer, at Berenberg's offices located at 60 Threadneedle St, London,
EC2R 8HP
There will also be a live webcast available, which can be accessed via the following link:
https://stream.brrmedia.co.uk/broadcast/681e18c4c4d6000013238321/6836b3a61193330013c6535e
Webcast link:
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / Ellie Sweeney / James McEwan / Talia Shirion
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the equity shares (commercial companies) category of the London Stock Exchange and the
premium segment of the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks
providing conventional space and flexible workspace in Germany and the UK. As of 31 March 2025, the Group's portfolio comprised
145 assets let to 10,477 tenants with a total book value of over €2.5 billion, generating a total annualised rent roll of €221.4 million.
Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with clients of AXA IM Alts.
The Company's strategy centres on acquiring business parks at attractive yields and integrating them into its network of sites - both
under the Sirius and BizSpace names and alongside a range of branded products. The business then seeks to reconfigure and
upgrade existing and vacant space to appeal to the local market via intensive asset management and investment and may then
choose to refinance or dispose of assets selectively once they meet maturity, to release capital for new investment. This active
approach allows the Company to generate attractive returns for shareholders through growing rental income, improving cost
recoveries and capital values, and enhancing returns through securing efficient financing terms.
For more information, please visit: www.sirius-real-estate.com
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
Follow us on X at @SiriusRE
JSE Sponsor
PSG Capital
Date: 02-06-2025 08:00:00
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