Sirius Real Estate, the pan-European operator of branded business and industrial parks, has secured a new €150m unsecured revolving credit facility (RCF), positioning the group for strategic acquisitions and efficient refinancing. The agreement, inked with a three-bank consortium, gives Sirius Real Estate a major liquidity boost just as investor appetite for stabilised income-producing assets rebounds in both Germany and the UK.
The facility, arranged with BNP Paribas, ABN AMRO, and HSBC, comes with a three-year term and two optional one-year extensions. It includes an accordion feature to increase the facility by up to €100m, offering Sirius even greater agility in deal execution. Carrying a margin of 120bps over short-term EURIBOR (approx. 2%), the RCF delivers competitive financing at roughly 3.2% interest at current rates.
Importantly, the RCF aligns covenant structures with Sirius’ most recent bond issuance in January 2025, signalling a concerted effort to streamline its capital structure. “Along with our recent equity fundraise and bond issuance, this Facility provides us with further flexibility to capitalise on our exciting pipeline of opportunities in Germany and the UK,” said Chris Bowman, CFO. “It also further diversifies our debt by adding BNP Paribas and ABN AMRO to our current pool of relationship banks, and extends our relationship with HSBC, a bookrunner on all our bond issues to date.”
This deal marks the first time BNP Paribas has entered Sirius’ lender group and the first re-engagement with ABN AMRO in over a decade, deepening Sirius’ banking relationships and enhancing its cross-border financing reach. Panmure Liberum advised on the debt transaction.
As Sirius continues to target assets with strong reconfiguration potential, the new facility enables timely responses to opportunities amid market dislocation. The company is also actively exploring local German bank funding at lower costs, particularly for single-asset acquisitions, an angle appealing to investors eyeing localisation strategies. With a current portfolio of 1.96 milion m² across 145 assets and over €2.5bn in value, Sirius is firmly positioning itself as a growth vehicle amid shifting occupier demands and investor focus on resilient rental income.
The timing of this facility, following its €221.4m annualised rent roll, highlights the company’s proactive capital management and acquisition strategy amid volatile financing markets.
People mentioned:
Chris Bowman – CFO, Sirius Real Estate
Companies mentioned:
Sirius Real Estate – Owner and operator of branded business and industrial parks
BNP Paribas – New lender in the RCF consortium
ABN AMRO – Returning lender after over a decade
HSBC – Existing lender and bond bookrunner
Panmure Liberum – Debt advisor
AXA IM Alts – Partner in Titanium JV
Image: Chris Bowman
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