LONDON (Alliance News) - German business parks investor Sirius Real Estate Ltd on Monday said its pretax profit rose in the first half thanks to property revaluation gains, but its like-for-like profit also improved amid good demand for its workspace.
Pretax profit for the company, including gains made on the revaluation of the property in its portfolio, rose to EUR28.3 million in the six months to the end of September from EUR15.3 million a year earlier. Like-for-like recurring profit for the group, however, also rise, up to EUR6.9 million from EUR5.1 million amid good demand for its properties.
Sirius said its like-for-like gross annual rent roll rose to EUR50.1 million in the half from EUR50.0 million, as strong demand for its workspace helped offset a higher-than-usual number of tenant moves in the period.
The total valuation of the company's portfolio rose to EUR615.2 million from EUR550.0 million in the half, as its adjusted net asset value per share rose to 50.13 euro cents from 47.51 cents.
The company will pay an interim dividend of 0.92 cents per share.
"Sirius continues to progress in its goal of expanding its asset base and increasing profitability across the group. Alongside our important earnings-enhancing acquisitions over the period, we are also strengthening our current offering through capital investment into the existing portfolio," said Andrew Coombs, Sirius's chief executive.
Shares in Sirius were up 1.8% to EUR0.52995 on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Sirius Real Estate (SRE)