Story audio is generated using AISirius Real Estate has issued €185.1m (R3.53bn) of new notes in taps of two existing corporate bonds, taking each bond to a total outstanding nominal amount of €500m.The proceeds will be used for general corporate purposes and the refinancing of existing debt, it said on Thursday.The first issuance comprises €150m nominal value of notes to be consolidated and form a single series with the company’s existing €350m 4.000% bonds due January 22 2032, originally issued in January 2025.The second issuance comprises €35.1m nominal value of notes to be consolidated and form a single series with the company’s existing €464.9m 1.750% bonds due November 24 2028, originally issued in November 2021.The new notes were priced in line with current trading levels of the respective existing bonds and were well supported by the market, Sirius said.Settlement is expected to take place on June 17. After settlement, the total outstanding nominal amount of each of the 2032 notes and the 2028 notes will be €500m.Taking both of our public bonds to €500m benchmark size is expected to improve secondary market liquidity, while the proceeds give us further financial flexibility to refinance existing debt and support further accretive growth. We maintain our disciplined approach to leverage— Chris Bowman, Sirius CFOCFO Chris Bowman said the latest bond taps further demonstrate the continued capital markets support for Sirius’ strategy and portfolio.“Taking both of our public bonds to €500m benchmark size is expected to improve secondary market liquidity, while the proceeds give us further financial flexibility to refinance existing debt and support further accretive growth. We maintain our disciplined approach to leverage."HSBC acted as sole structuring bank and sole global co-ordinator, with Barclays, BNP Paribas and HSBC acting as active bookrunners, ABN AMRO acting as a passive bookrunner in connection with the issuances and Lazard acting as financial adviser.Earlier this month, Sirius reported a 4.9% increase in profit before tax to €211.4m for the year ended March, boosted by a strong operational performance and higher property valuation gains. The group recorded valuation gains of €111.3m, up from €81m in the previous financial year, as it continues to assess further growth options in both Germany and the UK on an opportunistic basis, including recycling of mature assets and reinvesting in value-add opportunities, it said. Sirius recently deepened its exposure to Europe’s growing defence and industrial manufacturing sectors with the acquisition of a light-industrial business park in Fulda, Germany, for €49.8m (R949m).The asset is production-led, with a significant proportion of space used for manufacturing and warehousing, and is anchored by a leading European manufacturer of ballistic protection equipment supplying military and law enforcement customers.It is located about 100km northeast of Frankfurt in the economically significant Hesse region.CEO Andrew Coombs said at the time of announcing the transaction that it aligned with the group’s strategy of deploying capital into high-yielding industrial assets underpinned by structural demand drivers.The acquisition added to Sirius’s expanding portfolio of defence-related assets, which now exceeds €200m in value.With Noxolo MajavuBusiness Day