Sirius Sirius Real Estate

At Sirius, we often talk about our operating platform. It’s a key catalyst for our success, providing us with clear means through which we can provide strong and consistent returns for our shareholders – and, alongside our property portfolio, we believe that it is our unique platform which sets us apart from others in the real estate sector.

So what exactly is our operating platform, and what are its key benefits?

Ultimately, the Sirius platform enables us to execute on our strategy which remains focused on the acquisition and management of business parks in Germany and the UK that have attractive yields, value-add potential, or both.

Developed and honed over the last fifteen years, our operating platform enhances our ability to create rental and capital value through active portfolio management and in this sense has a number of elements that distinguish us from other businesses in our sector. These include the direct sourcing of new asset acquisition opportunities; the transformation of vacant space with options to deploy the company’s range of Smartspace products; the driving of lettings through our internal marketing and sales capabilities; and active property and tenant management. In this sense, our platform supports value creation throughout the entire cycle – from the sourcing of new acquisitions, through to active tenant and lettings management, to the transformation and conversion of space – and ultimately, through to the disposal of mature assets and the recycling of that capital into new assets with future value-add potential.

 

Intensive asset management

Our operating platform includes a dedicated acquisition team which is focused specifically on sourcing potential acquisition opportunities, analysing their suitability for purchase and presenting those assets to the Board for further review and consideration. Supported by strong banking relationships, this rigorous acquisition model allows us to acquire at below replacement cost. Each property is then intensively managed and has a dedicated asset-level business plan focused on enhancing rental and capital value.

 

Active tenant and lettings management

One of the many reasons we continue to invest in our internal asset management platform is that it is a key differentiator for Sirius over our competitors as it plays an integral role in driving occupancy and rental growth. Alongside our extensive customer database, our internal marketing team has developed a significant internet presence over the past decade and a half, and this consistently drives an average well in excess of 3,000 leads per month across the group predominantly from the websites and the internet portals on which vacancies are advertised. Once leads have been generated, a dedicated in-house call centre immediately contacts the enquirer  and supports our sales teams in Germany and the UK in converting approximately 12% of all enquiries into sales across the group. Our on-site sales teams follow a structured sales process and are incentivised through the setting of asset specific lettings targets.

Additionally, all aspects of our sales process as well as those of many of our competitors are regularly mystery shopped in order to measure and compare performance to ensure the company continues to drive standards and lead the markets in which it operates .

Our capability in terms of In house tenant management including all aspects of lease management, tenant renewals, service charge recovery and debt collection are enabled and enhanced by our internal operating platforms in Germany and the UK.

Together, these in-house capabilities enable us to secure and retain tenants without reliance on external agents and brokers.

 

Transformation and conversion of space 

Our active tenant and lettings management approach mentioned above, is the key behind being able to realise the full potential of transformed vacant space that is created through our capex investment programmes. As a business we drive value through the roll-out of an active asset management plan which focuses on transforming vacant and sub-optimal space into high-quality conventional and flexible workspace.  

Our operating platform enables this transformation by ensuring increased optionality in terms of space configuration, as well as enhanced control, focus and speed in developing space. The flexibility and responsiveness, driven by an experienced development team, is a clear differentiator.

The transformation of our assets is a key part of the Sirius business model, and this is enabled through increased optionality in terms of space configuration, as well as enhanced control, focus and speed in developing space. Taken as a whole, this means lower risk and higher returns.

 

Asset recycling

The final part of our value creation cycle is asset recycling. This typically involves the disposal of mature assets to generate capital which can be deployed to acquire sub-optimal assets with value-add potential, or added to capex investment programmes. And so the cycle starts again, with the internal operating platform continuing to drive further growth via the acquisition, transformation and management of our property portfolios in Germany and the UK.

 

Key Drivers

Underpinning the strength of our operating platform are a number of key drivers. These include capital efficiency, with accretive acquisitions funded through new equity, refinancings or disposals of non-core assets; structurally favourable market environments across both Germany and the UK; the strength, skill and professional judgement of our people in Germany and the UK; and the strong management capabilities afforded through our highly experienced Senior Management Team.

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