Sirius Real Estate, the operator of business parks in Germany, has posted a 5% increase in net asset value (NAV) in half-year results to the end of September.
The growth in NAV per share to 81.18c (March 2020: 77.35c) was mainly driven by a 4.3% uptick in the value of its portfolio to €1,229.7m.
Sirius said German business confidence had returned quickly during the pandemic, helped by the “robust and efficient way in which the German government has dealt with the pandemic”.
It has meant total letting enquiries was up 17.4% on the same period last year, and a similar conversion rate of 13.4% was maintained.
Rent collection was at 97.3% during the six months, with €1.9m outstanding for the period.
The group has increased its dividend by 2.8% to 1.82c per share (2019: 1.77c).
Andrew Coombs, chief executive, said: “A combination of the quality and appeal of our assets to tenants, the ongoing operational excellence of our team and its fast response to the crisis, as well as business confidence in the robust and efficient way in which the German government has dealt with the pandemic, have allowed us to deliver year-on-year growth across our key operating metrics and maintain high cash collection rates. However, while the recent news of the potential vaccine has provided some much needed light at the end of the tunnel, we are not out of the woods yet and much uncertainty about the speed of any recovery remains.”
SRE : Sirius Real Estate post 5% growth in NAV