Acted for Sirius Real Estate as Joint Global Co-Ordinator & Joint Bookrunner on its acquisition of BizSpace and £137.0m Placing and Retail offer

November 2021

Panmure Gordon acted as Joint Global Co-Ordinator & Joint Bookrunner on the secondary fundraising for Sirius Real Estate Ltd and acquisition of BizSpace Ltd.

  • Accelerated bookbuild at a fixed offer price of 130p
  • BizSpace was acquired by cash consideration of c. £245 million, based on an enterprise value of £380 million
  • The Acquisition consideration was funded via a combination of Sirius’ new and existing debt facilities. The proceeds of a capital raising via a UK placing, a South Africa placing and a Retail offer.
  • Unique opportunity that allows Sirius to enter, at scale, an under-served wider UK market with one-step acquisition of an established platform
  • Provides Sirius with a high-quality portfolio in a market with supply constraints and significant organic growth potential in rental pricing
  • Complements Sirius’ existing platform allowing for meaningful operational and financial synergies to drive value creation for Sirius shareholders
  • Financially attractive transaction with day one accretion to FFO and dividends per share of c.11% and c.4% accretion to adjusted NAV per share
  • Joint Global Co-Ordinator and Bookrunner along with Berenberg, HSBC and Peel Hunt
  • Upscaled oversubscribed primary raise from an initial target of £135m

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