Sirius Real Estate profits boosted by revaluation gains

Business park operator Sirius Real Estate saw pre-tax profits grow during its last trading year on the back of almost €100m- worth of revaluation gains.

Pre-tax profit for the year ended 31 March shot up 61.5% to €144.7m, including revaluation gains of €99.9m net of capex and adjustments in respect of lease incentives.

Funds from Sirius' operations grew 26% to €48.4m and net asset value per share grew 12.6% to 71.01p.

Like-for-like annualised rent roll increased 7.1% and total annualised rent roll increased to €87.8m from the €79.5m seen a year earlier.

Chief executive Andrew Combs said: "This has been a particularly successful year for the business on many fronts.

"As well as generating a strong total shareholder accounting return of 19.3% and high like-for-like annualised rent roll growth of 7.1%, we've significantly reshaped the portfolio to focus on our seven key cities."

Looking forward, Combs said he was confident that the resilience of the sectors of the Germany economy within which the AIM-listed outfit operates and the strength of its business model would continue to help Sirius achieve "strong returns" for its shareholders "well into the future".

Elsewhere, Sirius revealed it had completed its acquisition of a business park in Teningen, north of Freiburg, Germany, for €6.5m, including acquisition costs, reflecting an EPRA net initial yield of 8.3%.

As of 0910 BST, Sirius shares had picked up 0.94% to 64.40p.