Sirius reports increase in rent roll
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SIRIUS Real Estate, owner and operator of branded business and industrial parks in Germany, said its rent roll increased 2.5 percent on a like-for-like basis to 98.9 million euro for the six months to September 30, driven by a 2.6 percent increase in the rent rate per square metre.
The group also completed a 400m euro bond issue that matures in June 2026. Some 170.7m euro of secured debt was paid, leading to an increase in the number of unencumbered properties, with a book value of about 1 billion euros, the group said in a trading update.
Acquisitive growth continued with eight on balance sheet business park assets and one land parcel completed or notarised in the period amounting to 153.9m euro in total.
A total cash balance of 187.5m euro, of which 174.5m was unrestricted, provided capacity for further acquisitions and investment.
The loan-to-value ratio was about 38.3 percent prior to impact of the first half valuation. Trading was in line with consensus and management expectations for the full year, the group said.
Chief executive Andrew Coombs said corporates in Germany were now focused on re-organising supply chains to within European borders and adapting to more flexible ways of working, and both these challenges would help drive demand to Sirius’s out-of-town business parks that offer storage, warehouse, manufacturing spaces and out-of-town offices.
BUSINESS REPORT ONLINE