Tue, 21 Nov 2023 | COMMERCIAL PROPERTY
Sirius Real Estate, an owner and operator of industrial parks and branded businesses in the UK and Germany, has raised around £146.6 million to finance a pipeline of acquisition opportunities. The capital raise follows several busy months for the firm, during which time it has made acquisitions in Barnsley, Liverpool and three in London.
The funding comprises an institutional placing conducted via an accelerated book building process, an offer of new ordinary shares in the company as well as a placing to selected qualified investors in South Africa.
The funding will give Sirius Real Estate the flexibility to execute on a pipeline of potential acquisition opportunities in the UK and Germany and replenish funds to use opportunistically, following its recent UK acquisitions.
Regarding the UK, Sirius Real Estate directors say that the country’s real estate market dynamics remain positive, characterised by the potential for strong rental growth, a growing level of near-shoring, solid market conditions for light industrial assets, a structural undersupply of multi-let assets and regional investment commitment from the UK government.
Sirius Real Estate Chief Executive Andrew Coombs commented: "The fundraise we are proposing this morning follows another positive set of financial and operational results from Sirius, which once more demonstrates our ability to drive value throughout the economic cycle.”
Coombs added: "During the period we have also been busy sourcing a strong pipeline of accretive investment opportunities at a time when we see real value in our sectors.”
"The proceeds of today's capital raise will allow us to execute on these acquisitions and add a number of high quality assets to the portfolio where we have identified the opportunity to grow our rental income as well as create value through Sirius' operating platform."
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