9th Apr 2014 09:03
LONDON (Alliance News) - Sirius Real Estate Ltd Wednesday said its results for the full year to end March will be in line with market expectations, with past investment and restructuring underpinning a "significant" uplift in the profitability of the group.
In trading update, the company, which operates business parks, said that after raising EUR40 million in an equity placing and refinancing all of its debt, it has now strengthened its capital structure, which it hopes will allow it to explore growth opportunities.
Sirius has completed four new debt facilities totalling EUR227 million in the past 15 months, with debt expiries ranging from January 2017 to August 2023. As a result, Sirius said the weighted average expiry of its bank facilities and outstanding secured bonds has increased to 5.5 years.
At the end of March, Sirius said annualised rental income stood at EUR41.2 million, up from EUR40.8 million in September 2013 with an occupancy level of 75%. The average rental rate per square metre across the portfolio was EUR4.47 compared with EUR4.44 in September 2013.
Since April 2013, the firm has sold EUR21.1 million worth of land and non-core properties.
The stock last traded at EUR0.319, down 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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