Sirius boosts acquisitions with new credit facility

Sirius Real Estate Limited, the Guernsey-incorporated property group listed on both the London Stock Exchange and JSE, has secured a new €300 million ($345.74 million) unsecured revolving credit facility (RCF), doubling its previous €150 million ($172.89 million) facility and strengthening its capacity to fund acquisitions and manage liquidity.

Enhancing financial flexibility
The new facility, agreed with a consortium of four lenders, carries an initial three-year term with two optional one-year extensions and an accordion feature that allows for a further €100 million ($115.25 million) increase. Pricing remains unchanged at a margin of 120 basis points over short-term EURIBOR, with covenants aligned to the group’s existing debt structure, including its 2032 bond.

The refinancing significantly enhances Sirius’ financial flexibility, enabling the company to capitalize on a robust acquisition pipeline while optimizing cash management through bond refinancing windows. The group’s weighted average cost of debt remains stable at 2.5%, underscoring its disciplined capital strategy.

Expanding lender relationships
The facility introduces Barclays as a new lending partner, alongside existing banks ABN Amro, BNP Paribas, and HSBC, further diversifying Sirius’ funding base. Panmure Liberum acted as debt advisor on the transaction.

“Alongside our recent equity fundraise, this significantly increased RCF provides additional flexibility to capitalize on our exciting pipeline of opportunities and manage our balance sheet efficiently,” said Chief Financial Officer Chris Bowman. “It also demonstrates the strong support we continue to receive from both existing and new financing partners.”

Strong portfolio and growth strategy
Sirius Real Estate owns and operates branded business and industrial parks across Germany and the United Kingdom, offering conventional and flexible workspace solutions. As of September 2025, its portfolio comprised 153 assets with a total book value of €2.8 billion ($3.23 billion) and a rent roll of €242.5 million ($279.43 million), serving more than 10,900 tenants.

The company also holds a 35% stake in Titanium, a German-focused joint venture valued at over €350 million ($403.31 million).

Sirius’ strategy centers on acquiring underutilized business parks at attractive yields, repositioning them through active asset management, and unlocking value through rental growth and selective disposals. The expanded credit facility positions the group to accelerate this strategy while maintaining balance sheet strength in a competitive European real estate market.