The German-focused landlord grew its euro-denominated dividend by 6.3% in the year to end-March
German business park owner Sirius Real Estate will double in size to €2bn within the next five years, CEO Andrew Coombs says.
The group, which is the only JSE-listed property company with a sole focus on Germany, released results for the year to end-March on Monday, in which it declared a final dividend of 1.73 euro cents per share, taking the total dividend for the year to 3.36c, an increase of 6.3%.“There may be mixed economic data coming out of Germany but we aren’t seeing many weaknesses or panic signs. People need to realise that now about 70% of the country’s economic output is driven by services.
“They have pulled off net asset value growth of 16.6% and fund from operations growth of 26%. Not only is the company performing well operationally, with an occupancy rate relatively high at 86%, and average like-for-like rate growth of 4.4%, but we think the assets remain relatively conservatively valued off a net yield of 6.8%,” Cockburn said.
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