Source - Alliance News

- Sirius Real Estate Ltd said on Wednesday its new financial year has begun as planned despite ongoing economic uncertainty and inflationary pressures.

The London and Johannesburg-listed property investor will hold its annual general meeting on Wednesday in London.

In a statement that will be delivered at the AGM, Sirius Chair Daniel Kitchen said the company continues to trade in line with expectations.

While the company will not be alone in feeling the impact of inflation on its cost base this year, a combination of forward purchase agreements, volume-based discounts and the use of selected suppliers continue to act as ‘effective mitigants’, he said.

Kitchen also noted that the company's financial profile is considerably enhanced as a result of last year's corporate bond issuances.

Having slightly increased leverage to 42% as at March 21 following the acquisition of BizSpace, the company remains committed to targeting a net loan-to-value of below 40%.

Sirius Real Estate shares were up 1.0% at 88.20 pence in London on Wednesday morning. The stock was down 1.3% at R 17.21 in Johannesburg.

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