Germany office space operator Sirius Real Estate has excellent year – Sirius Real Estate (SRE) is a leading operator of business parks providing conventional and flexible workspaces around Germany. The company has this morning reported annual results covering the period to 31 March 2019.
Fourth successive year of double-digit shareholder returns
- Like-for-like annualised rent roll increase of 7.1% (2018: 6.2%) – total annualised rent roll increased to €87.8m (2018: €79.5m
- EPRA NAV per share increased 16.6% to €82c (2018: €64.18c)
- Total shareholder accounting return based on adjusted NAV and dividends paid of 19.3% (2018: 17.0%)
Sirius’ chairman, Danny Kitchen, had this to say: “We continue to focus on industrial, warehouse and secondary offices throughout Germany but mainly in and around the seven largest cities. We are achieving our returns expectations by maximising the opportunities across our portfolio which now consists of 57 owned and managed assets throughout Germany. Key to this is the internal operating platform which remains one of the main differentiators of Sirius from other companies that own and manage industrial business parks in Germany. The year under review saw the company make a number of acquisitions and disposals. The benefits of leveraging our in-house platform, as well as active management activities associated with our highly accretive capex investment programme contributed to the company increasing rental and other income from investment properties to €84.4m up from €71.8m. In addition, the company posted a record 7.1% increase in like-for-like annualised rent roll and a 13.3% increase in like-for-like portfolio book value, which combined have contributed to a total shareholder accounting return of 19.3%, the fourth consecutive year of returns in excess of 15%.”
SRE: Germany office space operator Sirius Real Estate has excellent year