Sirius makes acquisitions worth €103m

12 Apr 2017

Sirius Real Estate enjoyed a "highly successful" period in the 12 months to March.

In a trading statement on Tuesday, 11 April, the operator of branded business parks that provide conventional and flexible workspace in Germany, said it made acquisitions worth €103m and moved to the main board of the JSE.

The group's annualised rental income also increased beyond €70m.

Sirius is the only pure German property player listed in SA with assets in Berlin, Munich, Dresden, Mainz and Wiesbaden, among others. "This has been another successful year for the business culminating in the move up to the main market of the London Stock Exchange and to the main board of the JSE, both on March 6 2017," CEO Andrew Coombs said on Tuesday.

Sirius also successfully began its recycling programme on a significant scale with €103m of disposals agreed or completed at values materially above book value, according to Coombs.

Chris Segar of Ivy Asset Management said the trading statement was positive. "The trading statement demonstrates management's ability to implement capex programmes successfully in the business parks they are invested in, and also shows management's capability in recycling mature properties," he said.

"Should Sirius achieve the consensus dividend per share of 2.9 euro cents, as published on their website, this will be a significant improvement over March 2016," Segar said. "And given the recent fall in rand to euro exchange rate, it will be even more pleasing for South African investors."

Source: BDpro

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za