Sirius Real Estate LFL annualised rent rolls rise YTD

Property group Sirius Real Estate said on Monday that like-for-like annualised rent rolls had risen 2.4% in the six

months ended 30 September to €115.2m.

Sirius stated year-to-date trading and FFO was in line with consensus and management expectations for the full year as total annualised rent rolls increased to €167.9m, up from €167.1m six months earlier, despite disposals of its Magdeburg asset in Germany and its Camberwell site in the UK.

Looking ahead, Sirius said that despite "current economic headwinds", it continued to see "strong demand" for its range of conventional and flexible spaces in the UK and Germany.

Chief executive Andrew Coombs said: "Despite the concerns in Europe over the impact of the war in Ukraine, the resulting issues with energy supply, and the current inflationary and uncertain environment, Sirius has continued to see high demand for all of its product offerings in the period.

"We are confident that we can continue to grow our dividend as planned and believe that our ability to re-finance a substantial amount of debt so far in advance of expiry and in these markets demonstrates both the strength of our relationships with our financiers, as well as the confidence they have in our business model and Sirius' ability to continue to perform in good times and bad."

As of 0925 BST, Sirius shares were up 0.43% at 69.30p.

Reporting by Iain Gilbert at Sharecast.com