Sirius Real Estate reports decent growth in pandemic year

The FTSE 250 company said the 12 months ended 31 March marked the seventh consecutive year of like-for-like rent roll growth of above 5%, with a 5.2% increase to €94.3m.

It said its like-for-like rental rate per square metre was 3.5% higher for the year, to €6.17, with the total rate increasing to €6.17 from €5.98 for the year.

Total occupancy increased to 87.0% from 85.3%, with like-for-like occupancy increasing to 86.9% from 85.2%.

Sirius said its cash collection rate was 98.2% for the 12-month period ended 31 March, adding that it had returned to acquisitive growth in the 2021 financial year, with five assets totalling €45.9m completed within or notarised during the period.

The company's ‘Titanium’ venture with AXA IM Alts continued to develop, through the notarisation of an acquisition in Augsburg for €79.9m, which completed shortly after the year ended.

Total cash balances stood at €65.5m at year-end, of which €49.1m was unrestricted.

“Over the past 12 months we have continued to grow Sirius, both from an operational perspective and through the acquisition of further assets where we see a clear opportunity to add value and increase income in the future,” said chief executive officer Andrew Coombs.

“The fact that we achieved our seventh year of like for like rent roll growth of above 5% alongside increases in many of our key performance indicators is all the more pleasing given the unprecedented headwinds created by the Covid-19 pandemic - it is a real reflection of the strength of our operating platform and the ability of our team to adapt, the quality of our assets, as well as the diversity and resilience of our tenant base.

“With the worst of the pandemic seemingly behind us and vaccinations being rolled out across the globe, we look forward with cautious optimism.”

Sirius Real Estate said it would announce its full-year results for the year ended 31 March on 7 June.

At 0814 BST, shares in Sirius Real Estate were up 0.32% at 94.2p.