Investing Policy
24 Novembro 2009 - 8:30AM
UK Regulatory
TIDMSRE TIDMPCX
RNS Number : 9823C
Sirius Real Estate Limited
24 November 2009
24 November 2009
Sirius Real Estate Limited (the "Company")
Investing policy
Under the AIM Rules the Company is deemed to be an investing company, and
pursuant to Rule 8 of the AIM Rules for Companies it is required to restate its
investing policy by no later than 1 December 2009. The Company's investing
policy follows the investment strategy and other investment restrictions of the
Company that have been in place since its admission to AIM in May 2007.
Investing objective and strategy:
The Company's principal objective is to generate total returns for shareholders
through the payment of semi-annual dividends and net asset value growth,
primarily through capital appreciation in the Company's portfolio.
It aims to achieve this by investing in, and managing, commercial real estate
assets in Germany which can be sub-divided into flexible workspaces, with a
primary focus on offices, business parks and industrial complexes, which meet
the Company's investment criteria which include:
* levels of demand at the location for premises from local SMEs;
* levels of business activity at the location;
* quality of location and suitability of premises for sub-division into flexible
workspaces in order to offer a range of business accommodation;
* whether site densities are sufficiently low, prevalence of good car parking, and
amounts of surplus land for expansion and development by third parties of
complementary uses (for example, as a hotel or for self storage facilities);
* whether capital values are sufficiently low; and
* potential to generate significant return on costs as multi-let space.
The Company intends that the property assets acquired should be actively managed
pursuant to the asset management arrangements with its asset manager with the
aim of enhancing rental and capital growth.
Use of gearing:
The Company seeks to enhance returns through the selective use of gearing in the
region of 60 to 80 per cent. LTV
Investment restrictions:
Under the Company's articles, the aggregate principal amount at any one time
outstanding in respect of monies borrowed by the Company may not exceed 95 per
cent. of the gross asset value of the Company
The Company does not intend to acquire land purely for speculative development,
and the Company's intention is that no single site with a price in excess of 15
per cent. of the Company's target portfolio size of EUR750 million will be
acquired.
Distribution policy:
The Company's target dividend payout ratio is 60 to 80 per cent. of its
distributable profit, which will be distributed to shareholders through
semi-annual dividends. There can be no guarantee as to the amount of any
dividends payable by the Company.
From time to time, the directors of the Company, upon the realisation of assets,
will give appropriate consideration to the return of capital to shareholders.
The Directors will also consult with shareholders regarding proposals for an
orderly realisation of the assets of the Company if at any time the directors
consider that such proposals would be in the best interests of shareholders.
Life of the Company:
The Company does not have a finite life.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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