(Alliance News) - Sirius Real Estate Ltd on Monday reported strong growth in rent, occupancy and cash collection for its recently ended financial year despite pressure from the Covid-19 pandemic.
For the year ended March 31, the Germany-focused business park operator reported an annualised rent roll of EUR97.2 million, up 7.6% from EUR90.3 million the year before. On a like-for-like basis, rent roll growth was 5.2%.
The strongest contributor to rent roll growth was a 3.5% increase in the like-for-like average rental rate per square metre to EUR6.17 from EUR5.96.
Total occupancy for the period edged higher to 87.0% from 85.3% the prior year, while like-for-like occupancy rose to 86.9% from 85.2%. In addition, Sirius Real Estate achieved a cash collection rate of 98.2% for the financial year.
Over the period, Sirius reported a total of 17,536 enquiries generated, up 19% from 14,795 the prior year; however new lettings declined 0.9% to 161,065 square metres from 162,607.
"Over the past 12 months we have continued to grow Sirius, both from an operational perspective and through the acquisition of further assets where we see a clear opportunity to add value and increase income in the future. The fact that we achieved our seventh year of like for like rent roll growth of above five per cent alongside increases in many of our key performance indicators is all the more pleasing given the unprecedented headwinds created by the Covid-19 pandemic," said Chief Executive Officer Andrew Coombs.
Sirius Real Estate will publish its annual results on June 7.
Shares in Sirius Real Estate were up 0.5% at 94.42 pence on Monday in London, while its Johannesburg shares were 1.6% higher at ZAR18.97.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Sirius Real Estate (SRE)