We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
CONT The benefits from reducing the service charge costs, metering of utilities, better allocation of facility management costs, increasing the service charge prepayments from tenants and general reduction in overheads is expected to add approximately €1m to the Company's profit in the year. This has been achieved despite substantial increases in heating, cooling and electricity costs. This reduction in the non-recovered cost base is a key part of increasing operating cashflow. As at 31 March 2012, cash reserves were €9.1 million, (30 September €13m). To preserve cash resources, going forward the Company's main target is to be able to service its borrowings and cover future capital expenditure requirements from operational cashflow. This will be achieved through continued optimization of the property portfolio and selective disposals. As previously announced, the Company sold a parcel of land at the Bremen Brinkmann site and part of one of the sites in Bonn generating close to €2.5m of proceeds and around €700k of profit. The Company is currently in advanced discussions with regard to a further similar disposal plus the disposal of an entire non-core site. As at 31 March 2012 the Company's borrowings, excluding capitalised loan costs, totalled €296m (30 September 2011: €300.0m), representing an LTV of 60.1% on DTZ's latest valuation at 30 September 2011 (30 September 2011: 61.0%). Both banking facilities are operating within covenants and the facility with the Royal Bank of Scotland ("RBS") matures in October 2012. Discussions with RBS are ongoing. The Company looks forward to providing a further update with the announcement of its final results on 13 June 2012.
Trading Statement Sirius Real Estate Limited is pleased to provide the following trading update for the 12 months to 31 March 2012. In January 2012, the Company completed the internalisation of the core management team, thereby aligning the interests of all stakeholders in the business and bringing the operating platform under the control and ownership of Sirius. As part of the internalisation, the Company acquired Sirius Facilities GmbH, the provider of property and asset management services to the Group for the last five years. The majority of its c.150 strong team led by Andrew Coombs and Alistair Marks have moved to the Company as part of this acquisition. The internalisation is expected to reduce the operating costs of the business by approximately €2m per annum. During the year under review, the Company has traded well, and is expected to perform in line with management's expectations for the year. Rental income is expected to increase to €45.2m in the year compared to €43.6m last year (after excluding €1.9m of surrender premiums), driven primarily by higher average rate per sqm on new sales. In addition, the Company is expected to see further reductions in non-recovered service charge costs and overhead costs. The benefits from these will be offset by higher than expected write-offs of old service charge balancing amounts and debts that have been in legal hands. Occupancy has increased to 78% in the year, up from 76% at the start of the financial year. This increase has come from new sales of 128,345 sqm at €5.24 per sqm (2010: 159,292 sqm at €4.41 per sqm) and lower moveouts of 91,933 sqm compared to 123,768 sqm in the previous year. Increasing occupancy and rental rates continue to be at the heart of the Company's strategic plans and the higher rates achieved on new lettings in the year is a reflection of the Company's focus to achieve increased yields from the portfolio. Another year of more than 125,000 sqm of new sales is also indicative of the Company's successful marketing activities and the continued demand from the German SME sector for flexible lettings solutions. Demand has come from a broad mix of light industrial, logistics, office and storage users. In addition, the Company has continued to benefit from Smartspace, a highly flexible solution for young businesses, Flexilager, a low cost storage solution and the growing demand for conferencing facilities
http://www.investegate.co.uk/Article.aspx?id=201204130700102530B
Hi folks, I've included a fresh look at Sirius Real Estate (complete with v exciting new development!) in my latest Catalyst article, where I look at 4 interesting companies/situations with activist investor(s) on board: http://wexboy.wordpress.com/2012/02/16/how-about-another-catalyst-part-vii/ Cheers, Wexboy
Robert Sinclair, Chairman of Sirius Real Estate, said: "Despite the macroeconomic difficulties and continued uncertainty across the eurozone, the Company has recorded a satisfactory trading performance for the first six months of this financial year and the focus on occupancy and reducing central costs has meant that the Group is trading in line with management expectations for the full year. "Economic concerns have not impacted on demand as yet, with average monthly enquiries increasing by 10% over the last 12 months which has enabled the Company to offset some larger move-outs over the summer and keep occupancy figures increasing. The key point is the much improved rate we are seeing from new lettings which indicates that we are starting to see some real benefit from the investment we have made over the last few years. This, together with a further €1m of cost savings expected over the year, is driving incremental improvement. "Good progress has been made towards agreeing a new management structure and I am confident long term plans for the management team will be announced in due course. The Company is working on a new strategic plan to refinance the business and build the Company from a profitable base."
Half-Yearly Results for the six months ended 30 September 2011 Sirius Real Estate, the real estate company with a portfolio of 38 large mixed-use commercial sites in Germany, which it upgrades into modern, flexible workspaces, today, reports its half year results for the six months ended 30 September 2011. Results highlights · Occupancy rate of 77% (30 September 2010: 73%) · Recurring profit before tax (PBT) excluding exceptional costs €0.9m* (2010: €1.2m) · Gross annualised rent roll level increased to €44.4m representing a 7% increase year on year (30 September 2010: €41.5m) · Average rent per sqm increased to €4.18 (31 March 2011: €4.13) · Property portfolio revalued by DTZ at €492.0m (31 March 2011: €505.5m) · Adjusted NAV per share of 66.63c (31 March 3011: 72.85c) · LTV across the portfolio of 61.0% (31 March 2011: 60.2%) *Excluding property revaluation, change in fair value derivative instruments and costs incurred for advice relating to the asset management agreement. Operational highlights · On track to deliver €1m of cost savings for the full year · 10% increase in average monthly sales enquiries for the period to 957 compared to the same period last year (September 2010: 871) with majority of monthly sales enquiries now reaching over 1,000 · New lettings of 65,153 sqm at €5.18 per sqm representing an improved return on investment · Move-outs of 37,275 sqm (September 2010: 73,966 sqm), which shows improved retention rates · Good demand for highly flexible smartspace solutions · Land disposals worth €2.5m agreed during the period and completed after the period and capacity to make further disposals in a profitable and timely manner · Good progress on agreeing new management structure
http://www.investegate.co.uk/Article.aspx?id=201112050700163023T
The Company is trading broadly in line with expectations and remains focused on increasing occupancy, revenues and efficiency across the portfolio. Over the six months to 30 September 2011, the Company signed 65,000 sqm of new leases against move-outs of 37,000 sqm, compared to 87,000 sqm of new leases and 74,000 sqm of move-outs (inclusive of 14,000 sqm relating to Siemens) in the same period last year. Therefore, net lettings were 28,000 sqm compared with 13,000 sqm in the same period last year. The average rental value of the new lettings was just over €5.00 psm which compares with €4.16 psm in the same period last year. This was a strong lettings performance driven by the manager's sales and marketing teams, showing continued demand amongst the German SME market for flexible space with multiple uses. As a consequence, occupancy was 77% as at 30 September 2011, compared to 73% as at 30 September 2010 and 76% as at 31 March 2011. Net sales made during the quarter will underpin the occupancy rate in the third quarter as there was a higher than expected lag between sales and move-in in the first half. This will be offset to some degree by the 13,000 sqm move-out by Siemens in October 2011. In addition, the Company recently extended a 34,200 sqm lease with an existing tenant at our Munich Neuaubing site, for 10 years at an average rate of €4.46 psm which over the lease will generate €44.7 million of income (inclusive of service charge). The Company's programme of cost reduction and cost recovery has continued into the current financial year. This benefit has come despite the well documented increases in electricity and heating costs throughout Germany this year. Overall, we expect to make further savings of approximately €1 million in the current financial year. Since we last reported we have sold a parcel of land at our Bremen Brinkmann site and sold part of our site in Bonn. These two disposals will generate close to €2.5m of proceeds and around €600k of profit. These properties are generating €115k of annual income. Approximately €2m of the proceeds will be used to repay the loans outstanding at these sites. The Company is currently conducting an ongoing review of the portfolio which will include an assessment of the potential to make further sales. As at 30 September, the Company had cash reserves of €13 million and all bank facilities were operating within covenants. The facility with the Royal Bank of Scotland matures in October 2012. As previously announced, the Board is in the process of determining the optimum management structure for the Company going forward. The Board has been in discussions with various parties including PCSREAM, the current asset manager and looks forward to announcing new management arrangements in due course. The Company will announce its half yearly results for the six months ended 30 September 2011
Trading Update Sirius, the real estate company with a portfolio of 38 large mixed-use commercial sites in Germany, which have been upgraded into modern, flexible workspaces, is pleased to provide a trading update for the period ended 30 September 2011. Highlights: - 77% occupancy as at 30 September 2011 (2010 as at 30 September: 73%) - 28,000 sqm of space let net of move-outs (2010: 13,000 sqm) - 2 Land disposals together worth €2.5 million - On track to deliver €1.0 million of further cost savings
http://www.investegate.co.uk/Article.aspx?id=201110140700141699Q
During the year the asset management team successfully delivered against the targets set, by increasing occupancy and achieving cost efficiencies across the business. Building on the successful first half, sales momentum remained strong, with 72,455 sqm of new lettings achieved in the second half at a rate of €4.71 psm. There were move outs of 50,145 sqm at a rate marginally lower than the new lettings.. As at 31 March 2011 occupancy stood at 76%, increased from 73% as at 30 September 2010, and from 68% in January 2010. Improved marketing strategies have ensured that enquiry levels remain high and now average 957 per month compared to 544 for the same period last year. During the period, occupancy in 30 of the 38 sites either increased or remained 100% and the Company remains focused on the initial target of achieving its portfolio occupancy of 80%. Current levels of demand indicate this target will be reached in the third quarter of this coming financial year despite the anticipated move outs of four tenants who together represent 2% of occupancy over the summer. Sirius has introduced a range of innovative solutions to letting space, such as the highly successful Smartspace initiative. Across the portfolio 32,256sqm have now been converted into Smartspace which is let at an average of €9.01 psm. This includes a new low cost storage solution called Flexilager, utilising previously unlettable space which has proved very popular with existing tenants wishing to have storage facilities nearby. Alongside this, the Company has increased additional income, in particular, from letting meeting rooms. Due to our successful reduction of service charge costs, metering of utilities, better allocation of facility management costs, an increase in the service charge prepayments received from tenants and reduced overheads, the Company's costs are expected to be significantly lower than last year. Furthermore, as mentioned in the interim statement one off write downs relating to prior year service charge balancing receivables and tenant debtors should be lower in the second half than the first half. The issue going forward is significantly reduced as the combination of higher service charge prepayments and lower service charge costs reduces the burden significantly of chasing large balancing charges post year end. At the same time we continue to streamline our cost efficiencies and drive occupancy through our online marketing efforts and initiatives. Trading conditions in Germany are improving with demand from the SME sector for the flexible, affordable workspace offered by Sirius remaining resilient. The German economy posted growth of 3.6% in 2010 with a strong export led recovery, and in January raised its growth forecasts from 1.8% to 2.3% for 2011 due to expected strengthening domestic demand. The Company looks forward to providing a further update with the announcement of its final results in June 201
Sirius Real Estate Limited, the real estate company with a portfolio of 38 large mixed-use commercial sites in Germany, which it upgrades into modern, flexible workspaces, today provides an update on trading for the 12 months to 31 March 2011. Key Highlights · Trading performance expected to be in line with management expectations. · Occupancy of 76% as at 31 March 2011, a 3% increase from 73% as at 30 September 2010. · Continue to successfully implement wide ranging cost savings and cost recovery programmes, which have resulted in a material reduction in group wide non-recoverable costs. · Strong financial position with cash balances of €23.6m.
Takeover ? Maybe.
Since your sell it seems to have picked up.
I have been really disappointed by the managements which has not managed to stop the fall in occupation rates. Moreover, two big tenants recently moved out which will impact significantly the group's income and NAV. Although, inquiries are high, there are hardly new lettings coming through which is worrying as the whole group business model is based on developing old offices and renting them out at a higher price. As a result as long as the economic recovery in germany remains sluggish, there are further potential bad surprise and you have to be bold to buy at these levels before the results. Personnaly, i prefer SDIC which is residential based ( more stable property prices) and which has a higher potential in teh mid term.
Good to see this creeping up again. I'm in for the long haul 2011 for this to see if it makes some decent funds.
Sirius Real Estate Limited Board Appointment Sirius Real Estate Limited (the "Company" or "Sirius"), the real estate company established to acquire large mixed-use commercial sites for upgrading to flexible workspaces in Germany, is pleased to announce the appointment of Walter Hens as a Non-Executive Director with immediate effect. Walter has over 37 years experience in the European real estate sector, including 20 years with SEGRO Plc where he most recently held the positions of European Managing Director, and Group Executive Director. Walter was responsible for SEGRO's European operations from 2003 to 2007 during which time the company built up a major pan-European portfolio, including a number of major acquisitions in Germany. Walter is a Fellow of the Royal Institute of Chartered Surveyors. Dick Kingston, Chairman of Sirius Real Estate Limited, said: "I would like to welcome Walter Hens to the Board. He brings with him extensive experience in the European real estate sector and will be a valuable addition to the Board."
I intially had brought in at 0.30! I was a bit dispointed to see it fall to 0.16 Then had no funds left to top up! Though I am certain I will make my money back & more some on this in time!
They are priced in Euros so .19 of a euro is 17p, nice research! : )
WHY WHEN IM TRYING TO BUY THESE SHARES DO THEY OFFER AT 17P RATHER THAN 0.17 - HELP
Glad i bought some of these yesterday now, thought it looked oversold. Not got a lot but going to hang on to them for a while
If you go to their website you'll see the reason. Basically it looks like they have exceeded a Loan to Value Ratio on a property as 2 tenants left resulting in a large void. However as it states they have other property with no Bank charges on so if the bank require extra charges its not a problem. So usual knee jerk reaction to some disappointing news about tentants leaving.
These have been on my watchlist for a while now, going to buy some today i think as the fundamentals are still good and can't see any particular reason for such a big drop
what happened here. Oh well locked in on this one now, roll on 2011