Panmure Liberum acts as Joint Bookrunner on Sirius Real Estate’s £152.5 million fundraising
We are pleased to announce that Panmure Liberum has acted as Joint Bookrunner to Sirius Real Estate Limited (“Sirius”) on its £152.5 million equity fundraising to fund the acquisition of a strong pipeline of opportunities in Germany and the UK.
The Offer Price of 94 pence represented a discount of approximately 3.5 per cent. to the closing share price of 97.45 pence on 10 July 2024, and is in line with the Company's Adjusted NAV per Share as at 31 March 2024.
Sirius is a leading owner and operator of branded business parks, industrial complexes and out of town offices in Germany and the United Kingdom. As at 31 March 2024, the aggregate sum of the properties’ market values of the portfolio of owned assets, including assets held for sale, is independently valued at £1.87bn.
Sirius has identified a near-term pipeline of €68.5m and an additional high-quality medium-term pipeline of more than €100 million of potential acquisitions in Germany and in the UK. Execution on this acquisition pipeline utilising the net proceeds of the equity fundraising has the potential to make a strong contribution to the Group achieving its long-term ambition to grow FFO to €150m per annum (€110.2m in 12 months to March 2024) and will be accretive to net asset value in the medium term. The company expects to maintain Net LTV below its stated 40% target level, and also intends to maintain its progressive dividend policy.
This £152.5 million fundraising follows the Company’s previous oversubscribed c.£147 million equity fundraising completed in November 2023, which enabled an accelerated series of acquisitions in the second half of the financial year ended 31 March 2024, with the Company acquiring or agreeing to acquire approximately €150 million of assets, €96 million of which were in the UK and €55 million of which were in Germany.
Panmure Liberum Team
Investment Banking – David Watkins, Amrit Mahbubani, Jamie Richards, Freddie Wooding, Ivo Macdonald, Rauf Munir
Research – Tim Leckie, Bjorn Zietsman
Sales – Oliver Baxendale, Michael Janes, David Hawkins, John Mozley, Julian Plant, Nick Hiley
Investor Relations – Sarah Downing
Legal – Rebecca Gordon, Nothando Malaba
Settlements – Rob Simpson, Glen Thielemans
