By Najat Kantouar
Sirius Real Estate said it saw strong results for the first half and in line with market expectations, with a group rent roll growth of 7.7% compared to a year earlier.
The London-listed operator of German business parks said on Monday that its BizSpace unit’s U.K. rent roll exceeded 50 million pounds ($61.2 million) for the first time, supported by improved occupancy and a record new business sales month in September.
The group remained active on acquisitions and disposals with two U.K. acquisitions in the period running at a 9.6% net initial yield, or NIY, and a disposal in Germany at a 6.0% NIY.
“Our performance in the first half, trading in line with expectations against the backdrop of challenging conditions in both our markets, demonstrates the strength of the Sirius platform and our people,” Chief Executive Officer Andrew Coombs said.
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