11th Apr 2022 08:03
(Alliance News) - Sirius Real Estate Ltd reported on Monday it expects its annual financial performance to be in line with market expectations following acquisition spree.
The company operates business parks, offices and industrial complexes mainly in Germany.
In a pre-close trading update, Sirius said total annualised rent roll of its portfolio grew 73% to EUR167.1 million for the year ended March 31, up from EUR96.5 million in the prior year.
Like-for-like annualised rent roll in Germany increased by just 6.4%, representing the eighth consecutive year of rent roll growth in excess of 5%, while rent roll in the UK grew 7.5% on a like-for-like basis.
Over the full-year period, like-for-like occupancy increased to 87.4% as at March 31 from 86.6% previously.
The group made strategic entry into the UK market after acquiring flexible workspace provider BizSpace Group for GBP245 million in November.
In Germany, the company finished the financial year with EUR201.9 million invested into or committed to ten acquisitions.
For the first time, it made a "transformative" corporate bond issuances totalling EUR700.0 million.
Sirius said it continued to monitor "closely" uncertainty around Russia's invasion of Ukraine.
"Over the past year, our business model has proven its ability not just to be resilient but to grow against an exceptionally challenging market backdrop and, as we emerge fully from the pandemic, we would expect both platforms to continue to perform strongly going forward. However, it would be remiss not to mention market uncertainty created by current geopolitical events which we continue to monitor closely," said Chief Executive Officer Andrew Coombs.
The group will release its financial results for the year to March 31 on June 13.
By Artwell Dlamini; [email protected]
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