LONDON (Alliance News) - Sirius Real Estate Ltd on Tuesday said trading in the first half of its financial year is anticipated to be in line with market expectations, following an "active and successful period".
The real estate company, which operates branded business parks in Germany, said that as a result of the progress made in the six months to September 30, which included a private placement and the completion of four acquisitions, the company's funds from operations will significantly increase in the second half of the year.
It said that the continued success of its capital investment programme in refurbishing previously unlettable space, also has contributed to its positive performance.
"We are achieving our ambitions to increase the size and profitability of the business through both organic and acquisition led activities, thereby improving shareholder returns," Chief Executive Andrew Coombs said in a statement.
"The new sites have all been immediately earnings accretive and have significant potential for further contribution to net asset growth and FFO," he added.
Shares in Sirius Real Estate were up 0.2% Tuesday morning at EUR0.5175.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Sirius Real Estate (SRE)