La tedesca Sirius Real Estate completa l’ acquisizione di BizSpace Group, provider di regional flexible workspace in UK

Further to its announcements of 8 November 2021, Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany, is pleased to announce that it has now completed the acquisition of Helix Investments Limited, the holding company of the BizSpace business, for a cash consideration of c. £245 million, based on an enterprise value of £380 million (the “Acquisition”). 

BizSpace is a leading provider of regional flexible workspace, offering light industrial, workshop, studio and out of town office units to a wide range of businesses across the UK and the acquisition therefore provides Sirius with a unique opportunity to enter with immediate scale an under-served new market via a one-step acquisition of an established platform. It provides Sirius with a high-quality portfolio, offering significant organic growth potential in rental pricing in a UK market characterised by supply constraints. The BizSpace business is also highly complementary to Sirius’ existing platform, allowing for meaningful operational and financial synergies to drive value creation for Sirius shareholders.

The Acquisition has been financed through a combination of the Company’s existing cash resources and the issue and subsequent admission to trading on the London and Johannesburg stock exchanges of 105,281,686 new Ordinary Shares of the Company, which raised gross proceeds of c. £137 million. Sirius has also assumed BizSpace’s existing gross financial debt of c. £146 million.

Source  : Sirius Real Estate