(Alliance News) - Sirius Real Estate PLC said Wednesday it has continued to trade in line with management expectations, as it reported a solid operational performance for the first half of its financial year.
As at September 30, the Germany-focused business parks investor said its total annualised rent roll was EUR89.2 million, up 14% from EUR78.5 million the same date the year before, but down from EUR90.3 million at the end of March due to the disposal of an asset in Wellimdorf.
In addition, Sirius reported a small dip in like-for-like occupancy over the six month period to 83.9% at the end of September from 85.2% as at March 30, offset by a 1.1% rise in average rental rates to EUR6.03 per square metre from EUR5.96.
Total sales enquiries were up 17% at 8,284 from 7,054 the prior year, with a particular rise in enquiries for storage from new commercial tenants as well as new self-storage customers.
Following the reopening of its Conferencing business in July, revenue from July to the end of September has increased by 54% to EUR431,000 compared to the year before, attributed to German businesses returning to operational normality.
"To deliver these strong preliminary first half figures in the face of the pandemic that we continue to contend with, is clear demonstration of the resilience of our business model and the tenacity of the Sirius team," said Chief Executive Officer Andrew Coombs.
"Furthermore, the portfolio is well diversified by both geography and tenant activity. We have a strong balance sheet providing significant firepower which we will be deploying on our pipeline of acquisitions and investing in the existing portfolio to attract new tenants and grow rents," Coombs added.
Shares in Sirius Real Estate were un-traded at 79.00 pence in London, while its Johannesburg shares were down 0.1% at ZAR16.80.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Sirius Real Estate (SRE)