Penningtons Manches Cooper advises FTSE-250 Sirius Real Estate on £150 million capital raise

Posted: 16/07/2024

The corporate team at Penningtons Manches Cooper has advised Sirius Real Estate Limited on a capital raise which resulted in gross proceeds of over £150 million. The fundraising comprised an institutional placing in the UK, a placing to selected qualified investors in South Africa, and a retail offer of shares made on behalf of Sirius Real Estate by PrimaryBid Limited on its online platform.

This is the second substantial fundraise that the Penningtons Manches Cooper corporate team have supported Sirius Real Estate with in the last six months. Due to the size of the fundraise, the company was required to file an approved prospectus in the UK.

Sirius Real Estate is a leading owner and operator of business parks, offices and mixed-use workspaces in Germany and the UK, providing small and medium-sized businesses with spaces to thrive, It is listed on the premium segment of the Official List in the UK and the main board of the Johannesburg Stock Exchange, and is a constituent of the FTSE-250 index. The funding will enable the company to continue executing its ongoing acquisition strategy.

London-based corporate partner Adam Carling led on this deal with assistance from corporate managing associate Giordano Suergiu and corporate associate Jenny Wright. The wider team included support from real estate partner Alison Lewis, corporate tax senior associate Leonie Langley and trainee solicitor Tom Morris.

Adam Carling said: “We were delighted to assist Sirius Real Estate with this second substantial fundraise in just over six months. Having already deployed the capital raised from its previous equity financing in November, through a series of acquisitions in the UK and Germany, the company continues to go from strength to strength.”

Berenberg and Peel Hunt acted as joint global co-ordinators and joint bookrunners, together with Panmure Liberum who acted as joint bookrunner, in respect of the Placing. PSG Capital acted as sole bookrunner and placing agent in respect of the South Africa Placing.

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