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