7th Apr 2025 08:10
(Alliance News) - Sirius Real Estate Ltd on Monday said it expects its annual financial performance to come in line with market expectations, with rent roll and occupancy "strong".
The London and Johannesburg-listed property investor said it had achieved a 13% year-on-year increase in rent roll for the financial year that ended March 31, driven by a combination of strong organic growth and ongoing acquisitions.
On a like-for-like basis, rent roll had accelerated since the first half, leading to a total annual increase of 6.3%, marking the eleventh consecutive year of rent roll growth in excess of 5%.
Sirius said it expected to announce a positive valuation movement for the year to March 31.
In Germany, rent roll had continued to benefit from stronger rates, despite anticipated routine move-outs at the beginning of the year.
"It is pleasing to report that the second half saw particularly strong growth in occupancy as the company's strategy began to bear fruit," Sirius said.
The UK like-for-like rates continued to grow strongly and a particularly strong finish to the year had seen occupancy increases, driving like-for-like rent roll growth.
Sirius said the acquisition pipeline remains strong. For the year to March 31, it completed on 11 acquisitions, for over EUR250 million combined.
"We have a strong balance sheet and have demonstrated our ability to raise debt at attractive levels, which will allow us to execute our healthy pipeline of further investment opportunities," Sirius Chief Executive Officer Andrew Coombs said.
Sirius expects to release its full-year financial results on June 2.
Shares in Sirius Real Estate were down 3.1% to 80.80 pence in London on Monday morning.
By Artwell Dlamini, Alliance News reporter
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