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08 Apr 2019 | 07:22

Sirius Real Estate sees German rental income boost

German property investor Sirius Real Estate said it expected to post higher rental annual growth on-year, putting it on track to meet market expectations for its annual results.

Like-for-like annualised rental income for the year through March was expected to grow by more than the 6.2% rate reported on-year, Sirius said.

Total annualised rental income, including acquisitions, was expected to have increased by around €8.2m to €87.7m.

'The company confirms that the results for the twelve-month period are expected to be in line with market expectations and is pleased to announce stronger than expected organic growth on its existing portfolio,' it added.

Sirius also said it had made 'good progress' on acquisitions and disposals.

The planned disposal of non-core assets has progressed well during the period and the company had now successfully exited the Bremen market.

The disposal of three Bremen assets generated proceeds of €25.6m, which included the final two non-core assets within Sirius' portfolio.

In addition, the company sold a piece of non-income producing land and a residential building, generating further proceeds of €1.8m.

The combination of a March 2018 equity raise, asset disposals and proceeds generated by sales into a JV provided the company with resources, including additional lending, to fund around €230.0m of acquisitions.

This had so far been deployed into the acquisition of four assets totalling €65.1m, which completed in the period.

In addition to that, two assets totalling €15.2m has been notarised for completion in the new financial year and three assets totalling €64.8m were currently in exclusivity.

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