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(Alliance News) - German-focused property firm Sirius Real Estate Ltd raised its dividend on Monday after its interim income and assets rose as the firm continued to "flourish" despite uncertain markets.
For the six months ended September, net asset value per share rose 7.3% to 76.18 euro cents from 71.01 cents six months earlier. Operating income rose 9.4% to EUR39.5 million from EUR36.1 million the year before.
Pretax profit widened 1.9% to EUR79.7 million from EUR78.2 million the year prior, helped by investment properties revaluation gains rising 3.6% to EUR58.2 million from EUR56.2 million the year before.
"Despite political uncertainty and economic headwinds, Sirius' value-add business model continues to flourish due to the diversity that comes from intensive asset management and our wide range of products," Chief Executive Officer Andrew Coombs said.
"Occupier demand for both conventional and flexible space remains strong while investor appetite for exposure to the German light industrial market continues to drive yields down," Coombs added. "Part of this is fuelled by the low rates of financing available, of which we are strongly positioned to take advantage."
London and Johannesburg-listed Sirius proposed a 1.77 cents per share interim dividend, up 8.6% from 1.63 cents the year before.
"With significant vacancy in our value-add portfolio and a defensive portfolio gross yield of 7.4%, there remains considerable potential to increase rent roll and capital values," Coombs continued.
Shares in Sirius were 0.1% higher at ZAR14.41 in Johannesburg on Monday, having closed at 76.30 pence per share in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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