# Sirius Real Estate completes refinancing 7 months early

- Link: https://www.directorstalkinterviews.com/sirius-real-estate-completes-refinancing-7-months-early/4121120764
- Published: 2023-05-30T07:28:34+01:00
- Author: Anthony Fox

**Sirius Real Estate** (LON:SRE), the leading owner and operator of branded business
and industrial parks providing conventional and flexible workspaces in Germany and
the U.K., has today announced that on 26 May 2023 it completed the early refinancing
of the Company’s next major debt expiry, a €58.3 million facility with Deutsche 
Pfandbriefbank, seven months in advance of the facility’s due date. 

The refinancing comprises a new 7-year, €58.3 million facility with an all-in fixed
interest rate of 4.25%, which will replace and redeem the existing facility upon
its expiry on 31 December 2023 and will run until December 2030.

As at 31 March 2023, the Group has a total of €975.1 million of outstanding debt,
€735.0 million of which is unsecured. The remaining €240.1 million comprises mortgage-
backed debt, of which the most significant tranches are the refinanced €170 million
Berlin Hyp AG facility which was announced in October 2022 more than one year ahead
of its maturity on 31 October 2023 and the €58.3 million facility referred to above.
The €170 million Berlin Hyp AG facility will run for 7 years expiring on 31 October
2030.

This refinancing facility extends the Group’s total weighted average debt expiry
from 3.3 years to 5.0 years. When the new facility commences on 1 January 2024, 
the Group’s weighted average cost of debt will increase from 1.4% to 2.1%.

Sirius Real Estate has €1.6 billion of unencumbered assets and in excess of €124
million of free cash available (including customer deposits as at 31 March 2023).
Within the next 12 months, Sirius has a total of €20 million of debt expiring, which
it is confident of either extending terms with the existing lenders or replacing
with new lenders. The Company has a total of €49.3 million of debt expiring within
the next three years.

Sirius is a property company listed on the main and premium market of the London
Stock Exchange and 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 2022, and following the
acquisition of BizSpace, a leading UK provider of regional flexible workspace, the
Group’s portfolio comprised 140 assets let to 9,452 tenants with a total book value
of over €2 billion, generating a total annualised rent roll of €167.1 million. Sirius
also holds a 35% stake in Titanium, its €350+ million German-focused joint venture
with clients of AXA IM Alts.

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