1st Apr 2015 10:26
LONDON (Alliance News) - Sirius Real Estate Ltd Wednesday said it expects to meet market expectations for the financial year that ended Tuesday, as it saw annualised rental income from its portfolio before acquisitions rise 5.6%.
Analysts expectations on Morningstar show that Peel Hunt LLP expects Sirius to posted a pretax profit of EUR13.4 million for the year to end-March, whilst FinnCap expects it to post a pretax profit of EUR21.6 million.
The company said that its annualised rental income of its portfolio before acquisitions rose to EUR43.6 million as at end-March 2014, compared with EUR42.3 million a year before. The average rental rate rose to EUR4.58 per square meter from EUR4.46, and occupancy increased to 78% from 76%.
Including acquisitions, the annualised rental income of the whole portfolio is EUR50 million, with an average rental rate of EUR4.74 per square meter.
Sirius said it is continuing with its plan to transform around 100,000 square meters of previously unlettable space. It expects to have invested EUR2.7 million of its forecast EUR8.9 million in the current year.
The company will announce its full year results at the end of May.
"Whilst we remain on target to reduce the group's loan-to-value ratio to at least 40% in the near term, our ability to access debt at very low cost will also have a significant impact on our returns to shareholders and accordingly we are focused on improving the terms of the group's debt financing packages," said Chief Executive Officer Andrew Coombs in a statement.
Shares in Sirius Real Estate are trading up 2.3% at 573.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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