Sirius Real Estate Ltd reported a strong operational and financial performance for the 12 months just gone – a period that marked its entry to the UK market and a further strengthening of its base in Germany.
The company’s rent roll from its industrial parks and flexible workspace advanced by 73% to €167mln in the year to March 31, buoyed by two key acquisitions.
Funds from operations (FFO) totalled €74.6mln, up 22.5%, while the dividend for the second half grew by just under fifth to 1.98 cents. The total pay-out was 4.41 cents, an increase of 16.1% – or 65% of FFO.
In the year, the company acquired BizSpace for €288mln, marking its entry to the UK, while continuing to build its position in Germany with €201.9mln purchase of new property assets.
“Against an ongoing period of challenging market conditions, Sirius has delivered another very positive set of annual results leading to a 20% total accounting return including a 16.1% increase in the dividend for shareholders,” said Sirius chief executive Andrew Coombs.
“This strong operating performance was underpinned by continued demand and asset management led rental growth across both our German and UK platforms.”
He added the company had traded in line with expectations in the two-and-a-half months since the year-end.
