Sirius Real Estate pulls guidance; April 'relatively robust'

The company said enquiry levels had fallen, impacting viewings and new lettings. However, more than 13,000 sq metres of new lettings had been completed since March 1, generating €1.2m of annualised rent.

Rent collection and service charge income for April remained “relatively robust” with more than 75% of billing collected by April 9, representing around 90% of the normal working pattern, Sirius said on Tuesday.

“There are a small number of tenants who are facing Covid-19 related financial difficulties who have requested deferral of rental and service charge payments. These cases will be addressed on a case by case basis,” the company said in a statement.

In the year to March 31 Sirius agreed three new debt facilities amounting to €171.9m, including its first unsecured debt facility for €50m of which €30m was drawn down. It also repaid €77.7m of debt upon executing the Titanium joint venture and made €10.1m of scheduled debt amortisation payments during the year.

Total debt increased to €485.8m from €386.1m, with unrestricted cash and undrawn facilities of €129.7m. The company said it expected to report a net loan-to-value ratio of around 35%.

Germany has introduced a number measures to help support businesses including 'Kurzarbeit', which is a short-working compensation scheme covering a portion of workers’ salaries.

In addition, the German government promised €550bn of state-backed loans to support businesses as well as deferring business taxes. It also pledged “unlimited liquidity assistance” to companies hit by Covid-19.