Sirius Real Estate Says Continues To Trade In Line With View

Sirius Real Estate (SRE.L), owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, said that the new financial year has begun as planned despite the ongoing economic uncertainty and inflationary environment prevalent in both markets and across Europe, and the company continues to trade in line with expectations.

The company said that, having slightly increased leverage to 41.6% at 31 March 2022 following the acquisition of BizSpace, it remains committed to targeting a net loan-to-value of below 40%, and will see leverage reduce through a combination of income-led capital growth, transformative capital investment and selective asset recycling.

The company expects to complete the previously announced sale of the Camberwell property in London in July 2022, which it had agreed at a 94% premium to the valuation at the time of its acquisition last year as part of the BizSpace portfolio.

The company said it is currently working on some further asset recycling opportunities in both the UK and Germany.

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