Fitch Reaffirms Sirius’ Bbb Investment Rating

LSE (GBP) Share Code: SRE

Sirius Real Estate Limited

("Sirius Real Estate", "Sirius", the "Group" or the "Company")

FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING WITH STABLE OUTLOOK

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional and flexible workspaces in Germany and the UK, announces that Fitch Ratings has reaffirmed the Company's BBB investment grade credit rating with 'Stable Outlook' (Long-Term Issuer Default Rating).

In its rating, Fitch highlighted the resilience of Sirius' high-yielding portfolio, operating platform and refurbishment capex strategies in driving consistent rental income, which it expects to remain stable due to the Company's focus on occupancy and affordable rents at out-of-town locations. Fitch noted that Sirius had successfully transferred some of the best practices in its German operations to drive asset management initiatives in its BizSpace portfolio in the UK.

Fitch also referenced Sirius' robust financial profile, with net debt/EBITDA leverage having returned to below 8.0x at the end of FY23 (financial year to end-March 2023) and no near or medium-term debt maturities, following the Company's successful refinancing of all of 2024's maturity debt into 2030.

The ratings agency also highlighted Sirius' in-house digital sales and marketing capability which minimises the reliance on third party brokers, especially in Germany.

As announced on 9 October 23, the Company will announce its half year results to 30 September 23 on 20 November 23.

Sirius CFO, Chris Bowman, commented: "Retaining our investment-grade rating against a backdrop of ongoing market uncertainty is testament to the resilience of our portfolio, the strength of our operating platform and the value of our asset management model."