7th Oct 2024 08:32
(Alliance News) - Sirius Real Estate Ltd said on Monday it continued to perform well for the first six months of its financial year, rent roll achieving double-digit growth.
The London and Johannesburg-listed property investor reported a 15% rise in rent roll for the six months that ended September 30, driven by ongoing acquisitions, compared to the same period last year.
On a like-for-like basis, rent roll was up 5.5%, reflecting the group's ability to continue to drive organic growth across both Germany and the UK.
In Germany, which has marginally outperformed the UK, rent roll growth benefited from stronger rates, despite expected regular move-outs at the beginning of the period which slowed growth in occupancy, Sirius said.
"We expect to see occupancy strengthen in line with seasonal trends in the second half of the company's financial year," it said.
Like-for-like rates in the UK continued to grow strongly, ahead of overall rent roll growth, the group said.
Sirius said its balance sheet remains strong, with free cash reserves of about EUR297 million as at September 30 and no significant debt maturities until June 2026.
"During the first half of our financial year we have continued to perform well, with our asset management team once again driving like-for-like rent roll growth well ahead of inflation," Chief Executive Officer Andrew Coombs said.
Sirius said it remains on track to deliver full-year results in line with expectations.
It expects to announce its interim financial results November 18.
Shares in Sirius were down 0.6% to ZAR21.35 on Monday morning in Johannesburg. They were down 1.0% to 93.25 pence in London.
By Artwell Dlamini, Alliance News reporter
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