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Sirius Real Estate posts 8.9% jump in NAV

German business parks owner Sirius Real Estate posted an 8.9% increase in net asset value (NAV) in the year to the end of March 2020.

The company said NAV per share increased to 77.35 euro cents (2019: 71.01c), with EPRA NAV per share of 80.62 euro cents (2019: 74.82c).

The increase in NAV reflects a like-for-like portfolio value increased by 9.9% to €1,069.2m.

Sirius grew its rent roll during the year, on a like-for-like basis, by 6.1% to €81.2m and average rents increased by 4.1% to €6.07/ square metre.

Funds from operations (FFO) increased by 15.1% to €55.7m.

Sirius has declared a dividend per share of 1.80c for the second half of FY 2020, giving total dividend for year of 3.57c (FY 2019: 3.36c).

Covid-19 update

The group said April rent collections were within 98.8% of normal working practice and May collections in line with April.

Enquiries continued at normal levels of a monthly average of around 1,200, while it completed 130 new lettings in May 2020 covering 11,282 sqm (April 2020: 119 lettings/8,166 sqm).

Of the €6.8m of annual income up for renewal in April and May 2020, 74% has been renewed, which represents a similar renewal rate to the year previously.

Andrew Coombs, chief executive of Sirius Real Estate, said: While we look to the future with caution, due to the uncertainties created by covid-19, I believe the company is well placed to endure the economic difficulties being created by the crisis and also take advantage of opportunities with our strong balance sheet. We remain focused on delivering attractive risk-adjusted returns by way of active asset management throughout the property cycle. With our significant cash resources available to make acquisitions, further vacancy to develop and reversion potential to capture, Sirius is well positioned to meet the challenges ahead.

“We’ve acquired a further €120m of additional assets, increasing our presence in our target cities, from which we are confident of extracting significant value by playing to the strengths of our integrated business model and track record of maximising occupation and growing rental levels.”

SRE : Sirius Real Estate posts 8.9% jump in NAV

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