Germany’s Sirius is back in buying mode
German flexible workspace and industrial landlord Sirius Real Estate is back on the acquisition trail after a strong performance in the year ended 31 March 2021.
The firm said that it had returned to acquisitive growth with the purchase of five assets totalling €45.9m (£39.7m) completed during the year under review.
Over the year, the group reported 7.6% growth in its total annualised rent roll to €97.2m, up from €90.3m in 2020, a 3.5% increase in like-for-like rental rate per sq m to €6.17, with its total rate increasing to €6.17 per sq m and a cash collection rate of 98.2% for the 12-month period.
German flexible workspace and industrial landlord Sirius Real Estate is back on the acquisition trail after a strong performance in the year ended 31 March 2021.
The firm said that it had returned to acquisitive growth with the purchase of five assets totalling €45.9m (£39.7m) completed during the year under review.
Over the year, the group reported 7.6% growth in its total annualised rent roll to €97.2m, up from €90.3m in 2020, a 3.5% increase in like-for-like rental rate per sq m to €6.17, with its total rate increasing to €6.17 per sq m and a cash collection rate of 98.2% for the 12-month period.
Occupancy also nudged up from 85.3% in 2020 to 87% for the year ended 31 March 2021.
Sirius said that underpinning its strong performance was the company’s ability, through its internal operating platform, to generate a marked year-on-year increase in the number of enquiries while maintaining high sales conversion levels.
In the year to 31 March 2021, a total of 17,536 enquiries were generated, representing an increase of 18.5% on the 14,795 enquiries generated last year. New lettings amounted to 161,065 sq m, with its sales conversion ratio remaining relatively stable at 13%.
Chief executive Andrew Coombs said: “Over the past 12 months we have continued to grow Sirius, both from an operational perspective and through the acquisition of further assets where we see a clear opportunity to add value and increase income in the future. The fact that we achieved our seventh year of like-for-like rent roll growth of above 5% alongside increases in many of our key performance indicators is all the more pleasing given the unprecedented headwinds created by the Covid-19 pandemic; it is a real reflection of the strength of our operating platform and the ability of our team to adapt, the quality of our assets, as well as the diversity and resilience of our tenant base.
“With the worst of the pandemic seemingly behind us and vaccinations being rolled out across the globe, we look forward with cautious optimism.”
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