Sirius Sirius Real Estate

In October, we welcomed analysts and investors to our Vantage Point site in Gloucester inviting them to explore the site and hear about our strategy moving forward. The acquisition earlier in the year was a landmark move for us at Sirius, considerably strengthening our portfolio, by adding 1.3 million square feet of lettable space to our UK portfolio.

This investment, our largest UK acquisition to date at £47 million, aligns closely with our strategy to grow Sirius’ presence in prime commercial real estate across the UK and was a real testament to our commitment to sourcing high-potential sites that align with our strategic vision. It was fantastic to connect with all the attendees of our investor day and showcase this significant, landmark acquisition – thanks to everyone who attended and to our  team who did a fantastic job of preparing for the event.

Vantage Point: A Unique Addition with a Rich History and Strategic Vision

Vantage Point is steeped in a rich and fascinating history. Formally a brewery, during WW2 the site was converted into a wartime devices production site for the armed forces, and was subsequently redeveloped to produce home cinema entertainment post war. Vantage Point later grew to became a UK hub for manufacturing Xerox machines before eventually evolving into a multi-let business park before our acquisition. The growth potential of the site, undoubtedly made it an attractive acquisition for us.

Our acquisitions team, led by Tariq Khader our CIO, always look for assets with significant scalability and resilience. This, combined with the multifaceted layout of Vantage Point, therefore made the site an attractive acquisition and a great example of the type of asset which we look for.

Since we acquired the BizSpace in November 2021, we’ve achieved a 35% increase driven by our strategic investments in sales, marketing, and proactive approach to tenant management. Rent roll has risen from £41.9 million to over £65 million, and EBITDA has grown from £21 million to more than £36 million, underscoring the solid foundation and operational strength we are building.

Driving Growth

We believe, over time, we can substantially increase the value of Vantage Point in comparison to the circa £50 million purchase price that we paid in April of this year. With the right management and development we believe Vantage Point could one day be worth as much as £100 million. When we look at Vantage Point’s future, we see three primary drivers that will continue to strengthen this asset:

  1. Increasing Occupancy: With an occupancy rate currently at 81%, there is ample opportunity to lease out remaining spaces and move toward full occupancy.
  2. Asset Management: We are prioritising the stabilisation of income streams through improved service charge recovery, and we’ve launched a solar power business at Vantage Point. We see this initiative not only as a revenue driver but also as a model for future photovoltaic (PV) expansions across our other properties.
  3. Development Potential: Vantage Point’s additional land offers development opportunities that can further boost asset value. By carefully expanding and maximising the space, we enhance our ability to meet tenant needs and adapt to future market demands.

Looking Forward

At Vantage Point, we’re not only celebrating a strategic acquisition but also seeing this as a blueprint for future growth in the UK. Our early success here reflects Sirius’ approach to transforming properties by taking a hands-on, innovative approach that balances opportunity with careful risk management. I am pleased with the progress we’ve made to date at Vantage Point and look forward to applying this model to future acquisitions across the UK – and in Germany.

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