Sirius Real Estate has announced its full year results for the year ended 13 March 2015. The company completed a dual listing on the Alternative Exchange of the Johannesburg Stock Exchange in December 2014 and, at the same time, raised €40m to support the expansion of the property portfolio. The company has since announced the acquisition of four business parks in Germany for €70.9m, with an EPRA net initial yield of 8.1%. A new €36m debt facility from BerlinHyp has been fully drawn down against three of the four business parks with an interest rate of 2.85% fixed for five years.
Recurring profit before tax, on a like-for-like basis ,on the pre-acquisitions portfolio increased by 26% from €9.4 million to €11.8 million. Including acquisitions, completed before the year-end, the recurring profit before tax was €12.6m. The gross annualised rent roll from the pre-acquisitions portfolio saw a 5.6% i9ncrease to €43.6m. Including acquisitions, the rent roll has increased to a gross annualised €50.0 million. Occupancy on the pre-acquisition portfolio increased to 78% (including acquisitions occupancy was 79%.
Adjusted Net Asset Value per share increased by 10.5% to 47.51c (31 March 2014: 43.0c) after adjusting for the net asset value dilution resulting from the capital raise in December 2014. Total NAV return, including dividends paid, in the period was 13.0%. The loan to value ratio reduced to 46.8% (31 March 2014: 50.9%) – the company is targeting a 40% ratio. The company re-introduced dividend payments during the year. The Company paid an interim dividend of 0.3c per share in August 2014 (relating to the prior year) and 0.77c per share in December 2014 and is declaring a final dividend for the year of 0.84c per share to be paid on 10 July 2015.
The company says it is now focused on growing the rent roll and occupancy through the capex investment programme and that it expects to see from strong market for its flexible workspace solutions.
SRE : Sirius Real Estate posts 26% like for like profit growth