Sirius readies ‘significant firepower’ after revenue rise
German and UK business and industrial park owner Sirius Real Estate has said it is ready to spend after seeing revenue rise by 11.7% in the six months ended 30 September to €156.5m (£130m).
Annualised rent roll was up by almost 15% and by 5.5% on a like-for-like basis, said the group.
Rental income in its UK holdings was up by 4.9% to £51.6m, with a 7% increase in the average rental rate from £13.81 to £14.78 per sq ft.
German and UK business and industrial park owner Sirius Real Estate has said it is ready to spend after seeing revenue rise by 11.7% in the six months ended 30 September to €156.5m (£130m).
Annualised rent roll was up by almost 15% and by 5.5% on a like-for-like basis, said the group.
Rental income in its UK holdings was up by 4.9% to £51.6m, with a 7% increase in the average rental rate from £13.81 to £14.78 per sq ft.
Pretax profit rose from €39.8m to €61.2m, a 53.8% increase.
Chief executive Andrew Coombs said the business had delivered a “robust performance” over the first six months of its financial year and that it remained confident in the future.
“With nearly €300m of cash and a healthy net LTV ratio of 30.5%, we have significant sufficient firepower to act opportunistically and make earnings-accretive acquisitions as they arise,” said Coombs.
He added: “While mindful of an evolving political landscape in our two markets, the company’s outlook remains positive: our dynamic business model, diversified offering and strong cash position mean we are ideally positioned to continue building scale.
“There remain a number of levers at our disposal that can be pulled to unlock value and grow rental income within the current portfolio, which, combined with an active asset recycling programme and the ability to fuel our pipeline, provides us with confidence in our prospects.”
The group’s investment portfolio increased in value from €2.2bn to €2.3bn over the period under review. Germany contributed €65.5m to the increase and the UK €96.8m.
