Sirius Real Estate Ltd on Monday reported that its ‘strong’ annual performance got a boost mainly from robust occupier demand and acquisitions.
The London and Johannesburg-listed property investor posted a modest 3.2% rise in pretax profit to €168.9 million for the financial year that ended March 31, from €163.7 million in the prior year.
Revenue was up 26% at €210.2 million from €165.4 million, underpinned by continued demand and asset management-led rental growth in German and the UK.
Group annualised rent roll increased 73% to €167.0 million from €96.5 million. Funds from operations increased by 23% to €74.6 million from €60.9 million.
The operator of business parks, offices and industrial complexes declared a final dividend of €2.37, which increased the total payout for the year to €4.41 from €3.80.
Basic earnings per share fell slightly by 4.8% to €13.48 from €14.16, while headline earnings per share decreased by 5.8% to €5.32 from €5.65.
Sirius said it was actively assessing opportunities for growth in both Germany and the UK.
In 2021, it forked out over €200 million on property acquisitions in Germany and bought flexible workspace provider BizSpace Group for £380 million.
Sirius said the positive impact of acquisitions is expected to be more pronounced in the new financial year that began in April. Since then, trading has been in line with market expectations, it said, driven by continued strong occupier demand amid the trend for on-shoring of production and supply chains by German and UK manufacturers.
Sirius Real Estate shares were down 3.3% at 107.00 pence in London. The stock was flat in Johannesburg at R 21.56.
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