Sirius

We are an owner and operator of branded business parks providing conventional and flexible workspace in Germany and the UK.

The Group’s assets contain space with a range of usages including production, offices, warehouses and storage. Most sites have a combination of anchor tenants which provide secure long-term income, SME tenants on a combination of conventional and flexible lease terms and Smartspace serviced tenants which comprise a wide variety of companies and individuals using self-storage, serviced office and workbox products.

The stability of the anchor tenants is important for income security as the high-yielding Smartspace products, which are generally created by transforming previously sub-optimal space, acquired for very low cost, provide a substantial boost to income returns.

Sirius applies a high-return, value-add business model to investments in industrial, warehouse and out of town office properties in Germany and the UK. The Company derives value through the execution of a stringent acquisitions process followed by selective capital investment and the roll-out of an intensive asset management plan which focuses on transforming vacant and sub-optimal space into high-quality conventional and flexible workspace. When assets have been fully transformed they are either held for their stable income or sold, with the proceeds recycled into opportunistic assets with value-add potential.

 

Focus on Germany

As at 31 March 2022 in Germany the Group owned 69 wholly owned business parks comprising 1.8 million sqm of lettable space. In addition, the Group managed two, and held a 35% interest in seven additional properties through its Titanium venture with AXA IM Alts. The value of owned property in Germany held by the Group as at 31 March 2022 was €1.6 billion. The German portfolio can be split into the following three categories, of which rent roll contribution relates to the German rent roll only:

 

Our workspace in Germany

The Group has a well-diversified income and tenant profile from large multinational corporations working within a broad range of industries to smaller SMEs and individual customers. These tenants use several types of workspace on both long-term and flexible leases. Much of the workspace is created through the Company’s capex investment programmes, which transform vacant and sub-optimal space into high-quality conventional production, storage and office facilities, as well as our innovative range of flexible Smartspace products. As a result, the Company attracts a wide variety of tenants and increases footfall on its properties whilst generating higher income and capital growth from space that would often have been considered structural vacancy and remain empty or be rented at low rates.

  • office.jpg

    Offices

    The office space within the German portfolio comprises office areas and buildings on industrial business parks, office buildings attached to warehouses and standalone office buildings in more traditional office areas.

    Within these office types we offer a wide range of conventional and flexible office solutions on either long or short-term leases. Some business centres offer service packages such as furniture, IT and conferencing as well as co-working areas and virtual offices.

    Offices and co-working and office space are securable in Sirius business parks.

    • Conventional offices
    • Smartspace office
    • Officepods
    • Virtual office
  • storage.jpg

    Storage

    For businesses and private households, the wide range of storage space on offer in the Sirius estate provides many options on varying scales. Warehouse, storerooms and self-storage options are available in Sirius business parks.

    • Classical storage spaces
    • Smartspace storage
    • Flexistorage
  • warehouse.jpg

    Production, warehouses and workshops

    Large production areas form the base of many Sirius’ business parks; however, these are complimented by smaller workshop areas, which give clients optionality as they start their businesses and as their business needs change. Additionally, the modern business parks often have large warehouse spaces which can be used for many different purposes:

    • Large-scale production spaces
    • Warehouse spaces
    • Smartspace Workbox

Focus on the UK

The acquisition of BizSpace in November 2021 provided the Group with an entry into a new market at scale in a single transaction. BizSpace operates 72 sites throughout the UK, comprising 4.3 million square feet of lettable space, generating £45.1 million (€53.3 million) of annualised rent roll. The portfolio can be broadly split into three main categories.

Our workspace in the UK

BizSpace, is a leading provider of regional workspace across the UK, offering light industrial, workshop, studio and out of town office units to a wide range of businesses offering a blend of flexible agreements and longer-term leases.

  • Industrial

BizSpace’s industrial workshops are a combination of self-contained units which have roller shutter doors and converted manufacturing complexes which have been subdivided to cater for SMEs. This product is unfurnished and sold on a sq ft basis.

  • Mixed use

BizSpace’s mixed sites have a combination of workshop space and office space on site. These sites are typically converted mills or factories which have been modernised and repositioned to provide flexible workspace accommodation. The sites all have a part-time or full-time manager on site, but the customer proposition is centred around value for money. All units are sold unfurnished on a sq ft basis with the customer having the flexibility to choose between a lease or a licence.

  • Office

BizSpace’s office assets are dedicated to SMEs and microbusinesses that seek maximum flexibility. The units are generally unfurnished and sold on a sq ft basis with customers benefiting from a dedicated on-site manager. Customers have the ability to take advantage of additional services such as the provision of internet services and furniture. In addition, BizSpace provides a full serviced office offering at a smaller number of locations which enable customers to benefit from a wider range of services at an all-inclusive, fixed price per desk.

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