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19 Nov 2018 | 07:51

Sirius Real Estate profit up 43% as rental income grows

German property investor Sirius Real Estate posted a 43% rise in first-half profit after it boosted rental income and the value of its portfolio rose.

Pre-tax profit for the six months through September rose to €78.2m, as rental and other income from investment properties rose 16.6% to €40.8m.

At 30 September, the portfolio book value was €1.05bn, up from €931.2m at the end of March.

Sirius declared an interim dividend of 1.63c per share, up 4.5% on-year.

'In the first half, we achieved a significant milestone, exceeding the €1bn mark for assets owned,' chief executive Andrew Coombs said.

'Our business model and the diverse nature of the Sirius portfolio has always been a key strength.'

'Occupier demand for industrial assets and secondary offices in Germany has never been greater.'

'We believe this market will continue for some time and Sirius is very well positioned to take advantage of it.'

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