Sirius results given lift by BizSpace acquisition
Sirius Real Estate, an investor in business and industrial parks in Germany and the UK, has posted a rise in profit in its latest full-year results.
The FTSE 250 company, which converted its UK business to a REIT earlier this year, made a pre-tax profit of €168.9m (£144.2m) in the 12 months to 31 March, up by 3.2% on a year earlier.
The group’s annualised rent roll leapt by almost three-quarters to €167m, helped by its acquisition of UK flexible workspace provider BizSpace. The company posted a total shareholder accounting return of 20%.
Sirius Real Estate, an investor in business and industrial parks in Germany and the UK, has posted a rise in profit in its latest full-year results.
The FTSE 250 company, which converted its UK business to a REIT earlier this year, made a pre-tax profit of €168.9m (£144.2m) in the 12 months to 31 March, up by 3.2% on a year earlier.
The group’s annualised rent roll leapt by almost three-quarters to €167m, helped by its acquisition of UK flexible workspace provider BizSpace. The company posted a total shareholder accounting return of 20%.
The BizSpace deal, €202m of deals in Germany and valuation gains took the book value of Sirius’s portfolio up by 54% to €2.1bn.
Chief executive Andrew Coombs said: “We remain focused on driving property returns through the capability of our internal operating platforms and, despite the inflationary environment and the uncertainty created by the situation in Ukraine, are confident that we can continue to deliver attractive risk-adjusted returns through active asset management.
“Looking ahead, we expect the 10 assets acquired or notarised in Germany during the period to have a greater impact on earnings in FY23 compared to FY22, while the encouraging operating performance of BizSpace provides further income growth opportunities.”
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