Sirius Real Estate rent rolls grow in 'transformative' year

Sirius stated that over the past year, its business model had proven its ability to grow against "an exceptionally challenging market backdrop" and, as it emerges from the Covid-19 pandemic, Sirius added that it expects to continue to "perform strongly" going forward.

Like-for-like rent roll growth in Germany was up 6.4% year-on-year, while in the UK, rent roll growth was stronger at 7.5%. Total annualised rent rolls increased to €167.1m, up from €96.5m at the same time a year earlier.

In Germany, Sirius' like-for-like revenue average per square metre grew from €6.17 to €6.50, while in the UK, average revenues increased from £10.98 to £11.69,

Cash collection rates were in excess of 98% and the FTSE 250-listed firm ended the year with a free cash balance of approximately €126.0m.

Chief executive Andrew Coombs said: "2021 was a transformative year for Sirius marked by two key firsts which saw the company access the corporate bond market, successfully raising €700.0m through two oversubscribed issuances, and the strategic acquisition of BizSpace, providing us with geographic diversification and an established operating platform in the UK which is already showing positive momentum in terms of growing rents.

"Over the past year, our business model has proven its ability not just to be resilient but to grow against an exceptionally challenging market backdrop and, as we emerge fully from the pandemic, we would expect both platforms to continue to perform strongly going forward. However, it would be remiss not to mention market uncertainty created by current geopolitical events which we continue to monitor closely. "