Sirius Real Estate says rental income up in 6 months to September
JOHANNESBURG - Real estate company Sirius said on Monday total annualised rental income for the six months to September 30, including acquisitions and disposals within the period, increased by €2.5 million (R42 million) to €82.0 million (R1.4 billion).
It said the half year had been another good trading period, underpinned by strong occupier demand for conventional and flexible space and positive letting activity, which together had resulted in an encouraging increase in organic rental growth despite some large expected move outs at the start of the year.
"The Company has made significant progress in deploying the proceeds of the March 2018 €40 million equity raise, having completed the acquisition of three investment properties totalling €39.3 million before or immediately after the period end and with another €57.5 million of property in exclusivity," Sirius said.
The company said it was primarily focused on the capital expenditure investment opportunities within the acquisitions it had completed over the last two financial years, whilst still finalising the few remaining projects from the original programme started in January 2014.
These investments were expected to make a strong contribution to results over the second half of the financial year.
Sirius said like-for-like annualised rental income increased by 2.6 percent to €79.7 million compared to €77.7 million at the start of the period, despite the impact of several large expected move outs which occurred at the start.
- African News Agency (ANA)