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Sirius Real Estate eyes expansion as profits jump 34pc

Sirius has recently invested in offices in Frankfurt - AFP
Sirius has recently invested in offices in Frankfurt - AFP

Property company Sirius Real Estate has boosted its profits by almost 34pc as the market for office space in Germany hots up.

The company, which owns and operates business parks, offices and industrial complexes across Germany, said pre-tax profits for the 12 months to March 31 were €76.4m (£67m), up from just under €57.1m a year previously.

It also increased its dividend by 32pc to 2.92 cents per share.

The value of its portfolio increased during the year, sending its net asset value per share, the preferred measure for property companies, up 10.3pc to 58.82 cents during the year.

Sirius moved onto the main market of the London Stock Exchange in March, and has also been listed in Johannesburg since 2014.

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The cities in which Sirius operates, including Berlin, Munich and Dresden, have been tipped to benefit from companies seeking a new European base in the wake of the Brexit negotiations.

News that German chancellor Angela Merkel is to stand for a fourth term in office has given extra stability to the country.

Sirius Real Estate
Sirius Real Estate

This year, Sirius spent €153.2m on buying new buildings, including €80.4m on buildings in Frankfurt, a city that is vying with London to attract financial workers after Brexit. During the year, the proportion of its buildings that are occupied moved from 80pc to 82pc.

Andrew Coombs, chief executive of Sirius Real Estate, said the company had ambitions to increase its portfolio by another 50pc in the coming years, concentrating on buildings that are considered ‘non-core’.

“We have the operating platform in place today to support our expansion plans and alongside this we have the local market knowledge and expertise to uncover value from more complex assets as we have been doing since inception,” he said.

“There continue to be opportunities for us to acquire these types of sites at discounted values as others see the possible problems and we see potential.”