Sirius Real Estate posts increase in interim profit

German business parks investor Sirius Real Estate posted an increase in interim pre-tax profit on the back of property revaluation gains.

In the six months to the end of September, pre-tax profit including gains the company made on the revaluation of the properties in its portfolio surged 85% year-on-year to €28.3m (£19.8m), while like-for-like recurring profit jumped 35.3% to €6.9m thanks to good demand for properties.

The London-listed company said its like-for-like gross annual rent roll edged 0.2% higher to €50.1m, as demand for workspace offset a higher-than-usual number of tenant moves, while the total portfolio value grew 11.8% year-on-year to €615.2m.

Group chief executive Andrew Coombs said the company was on track to continue its expansion plan and increase profitability.

“Alongside our important earnings-enhancing acquisitions over the period, we are also strengthening our current offering through capital investment into the existing portfolio,” he said.

Sirius shares were up 1.84% to 0.530p at 1112 GMT on Monday.