Penningtons Manches Cooper advises FTSE-250 owner of business and industrial parks on £146 million placing

Posted: 12/12/2023

The corporate team at Penningtons Manches Cooper has advised Sirius Real Estate Limited, an owner of business and industrial parks in Germany and the UK, on a placing which raised gross proceeds of £146.6 million. The capital raise comprised an institutional placing in the UK, a placing to selected qualified investors in South Africa, and a retail offer via the PrimaryBid platform.

Sirius Real Estate is a leading owner and operator of business parks, offices and mixed-use workspaces for small and medium-sized businesses in Germany and the UK. The funding will provide Sirius Real Estate with the flexibility to execute on its pipeline in the UK and Germany and replenish funds following several acquisitions in recent months, including in Liverpool, Barnsley, and three in North London. Sirius is listed on the main market and premium segment of the London Stock Exchange and the main board of the JSE, and is a constituent of the FTSE-250 index.

London-based corporate partner, Adam Carling, led on this deal with assistance from corporate associates Emily MacDonald and Jenny Wright.

Chris Bowman, chief financial officer of Sirius Real Estate said: “The fundraise follows another positive set of financial and operational results from Sirius, which once more demonstrates our ability to drive value throughout the economic cycle. I’d like to thank Adam and the team at Penningtons Manches Cooper for their advice and expertise on this significant fundraise.”

Berenberg and Peel Hunt acted as joint global co-ordinators and joint bookrunners, together with Panmure Gordon who acted as joint bookrunner, in respect of the placing. PSG Capital acted as sole bookrunner and placing agent in respect of the South Africa placing.

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