Sirius, the real estate company that acquires large mixed-use commercial sites for upgrading into flexible workspaces in Germany, has secured a new EUR 45 mln credit facility from Landesbank Berlin, the owner of BerlinHyp.
Sirius, the real estate company that acquires large mixed-use commercial sites for upgrading into flexible workspaces in Germany, has secured a new EUR 45 mln credit facility from Landesbank Berlin, the owner of BerlinHyp.
The credit facility is secured against properties valued at EUR 85 mln. Sirius, formerly Dawnay Day Sirius, said that the new credit facily, together with existing cash reserves, will mean the company has approximately EUR 70 mln to fund its ongoing programme of upgrading and developing the portfolio as planned in order to drive rental growth and attract new tenants.
Once the new facility is fully drawn down over the next 12 months, borrowings will total EUR 322 mln which represents an overall loan-to- value (LTV) ratio of 62% based on the latest published valuation. BerlinHyp has agreed to combine the new credit facility with its two existing facilities with Sirius, creating additional LTV leeway for the new enlarged facility.
