Sirius Real Estate Ltd posts strong operational and financial performance

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Sirius Real Estate Ltd has delivered a strong operational and financial performance for the past 12 months – a period which marked its entry into the UK market and a further strengthening of its base in Germany.

The company’s rents from its industrial parks and flexible workspaces rose 73% to 167 million euros in the year to March 31, supported by two key acquisitions.

Funds from operations (FFO) totaled 74.6 million euros, up 22.5%, while the second half dividend rose by just under a fifth to 1.98 cents. The total payout was 4.41 cents, an increase of 16.1% – or 65% of FFO.

During the year the company acquired BizSpace for €288 million, marking its entry into the UK, while continuing to strengthen its position in Germany with the €201.9 million purchase of new real estate assets.

“In a continuing period of challenging market conditions, Sirius delivered another set of very positive annual results leading to a total book return of 20%, including a 16.1% increase in shareholder dividend,” said Sirius chief executive Andrew Coombs.

“This strong operational performance was underpinned by continued demand and asset management driving rental growth across our German and UK platforms.”

He added that the company had traded in line with expectations in the two and a half months since the end of the year.

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