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(Alliance News) - Sirius Real Estate Ltd on Tuesday noted that credit agency Fitch Ratings has initiated the Germany-focused business park operator with a BBB long-term issuer default rating with a stable outlook.
Fitch said its rating reflected the benefits of Sirius's operating platform and the resilience of its portfolio, referring to its financial year ended March 31, marking the group's seventh consecutive year of like-for-like rental growth of more than 5% and rent collection rates of 98%.
Fitch also pointed out the company's in-house digital sales and marketing capability, which lowers reliance on third-party brokers, in addition to a diversified tenant base, where the top 50 make up 42% of total rent income.
"The investment-grade rating is a key milestone for Sirius Real Estate and will allow us to optimise and diversify our funding structure. It was pleasing to see the strength and resilience of our asset management model being recognised in the rating," said Chief Financing Officer Alistair Marks.
Shares in Sirius Real Estate were up 0.9% at 96.70 pence on Tuesday in London, while its Johannesburg shares were up 1.3% at ZAR19.12.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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