property real estate

Sirius Real Estate (LON:SRE) reported a 17 percent rise in annual profit on Monday, after increasing both its rental income and property portfolio.

Pre-tax profit increased to €89.6 million, up by €76.4 million on the year previously, total annualised rental incomes up 12 percent. Like-for-like annualised rental income rose by 6.3 percent, with the company reporting a dividend increase of 4.6 percent to 1.60c.

“We are delighted to have delivered a 17 percent total shareholder return based on adjusted NAV and dividends paid in the year,” said Chief Executive Officer Andrew Coombs.

“Equally, a record 6.2 percent increase in like for like annualised rental growth, the highest performance in the group’s history, in a period when our key focus was on recycling and reinvesting is an exceptional performance and reflects well on the strength of our in-house sales and marketing platform.”

The company, which is listed in both London and South Africa, focuses most of its attention on Germany.

“We still have the financial capacity to acquire over EUR100 million of assets for which we have a healthy pipeline of opportunities located in our target areas around Germany’s big seven cities where we have extensive market knowledge and expertise”, Coombs added.

Shares in Sirius Real Estate (LON:SRE) are currently up 3.34 percent at 68.00 (0859GMT).