CAPE TOWN - Sirius Real Estate Holdings reported 7.4 percent growth in funds from operations for the six months to September 30 to €29.1 million, with cash rental collections at 97.3 percent.
The group, which owns industrial and manufacturing properties in Germany with a secondary listing on the JSE, had €1.9 million in rentals outstanding, which reflected similar collection rates seen in the second half of the previous financial year, its results pubished yesterday showed.
The interim dividend was raised 2.8 percent to 1.82 euro cents per share. The property value increased 4.3 percent to €1.23 billion, versus €1,18bn at March 31. Net asset value per share was up 5 percent AV per share to 81.18 euro cents.
Enquiries were up 17.4 percent on the same period a year before, with the momentum continuing into the second half. The sales conversion rate remained robust at 13.4 percent.
The acquisition of an industrial and office park in Norderstedt for €9.1m was agreed in September and due to complete in December 2020
Loan to value was 31.6 percent versus 32.8 percent at march 31, following the drawdown of the last tranche of the €50m unsecured Schuldschein debt.
Total cash balances of €128.4m provided significant firepower for a strong pipeline of acquisitions, directors said.
CEO Andrew Coombs said Sirius’ strong first half results were impressive given the economic effects of the Covid-19 pandemic .
“However, we are not out of the woods yet and much uncertainty about the speed of any recovery remains,” he said.
The strong cash position and other liquid resources would enable the group to make acquisitions when opportunities arose, and for the group to continue to execute its capital expenditure and asset management programmes, he said.
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