Sirius Real Estate upbeat about upcoming dividend

Posted On Wednesday, 02 November 2016 08:35 Published by
Rate this item
(0 votes)

Sirius Real Estate is on track to declare a dividend of 2.7 euro cents for the year to end-March.

 Andrew_Coombs_SRE

Sirius Real Estate‚ the JSE-listed owner of flexible office and storage space in Germany‚ is on track to declare a dividend of 2.7 euro cents for the year to end-March‚ according to a consensus of analysts.

“This would be a very satisfactory increase on the full 2016 dividend per share of 2.22 euro cents. Thus we would expect that the upcoming first-half dividend will show a marked improvement on the previous first-half dividend per share of 0.92c‚” said Chris Segar of Ivy Asset Management.

Sirius CEO Andrew Coombs said the group had performed very well in the first half of the 2017 financial year.

The company released a trading statement on Friday.

The majority of Sirius’s tenants come from the German small and medium enterprise (SME) market‚ which is a substantial part of the German economy‚ Coombs said.

“We offer SME companies flexible leases so that they can adapt the space they have to their fast-changing needs. The success of this format is shown by occupancy increasing on a like-for-like basis to its highest level yet of 81% as at September 30 and like-for-like rate per square metre increasing to €5.07 from €5.02 at the start of the financial year‚” he said.

The like-for-like annualised rent roll increased 2.4% in the six-month period to €64.5m from €63m at the start of the financial year.

A significant portion of the rent roll increase came from the company’s major capital investment programme through which suboptimal space was transformed into either prime lettable space or one of the company’s Smartspace product range.

Brendon Hubbard of ClucasGray Investment Management‚ said the trading statement was very positive for Sirius.

“This trading statement implies earnings and dividends are up over 40% in euros. Last year they paid 0.92c at the interim stage and this trading statement implies the dividend is expected to be higher than 1.3c‚ which was the second-half dividend for last year‚” he said Coombs said he expected Sirius to move to the main boards of both the JSE and London Stock Exchange in January.

source: BDpro

Last modified on Wednesday, 02 November 2016 08:47
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

New standard bank deal will make it easier for self-employed professionals to qualify for the mortgage bonds

Jul 03, 2019
 STANDARD BANK
Ever since the tightening of credit rulings in the South African economy which followed…

Hyprop reduces exposure to Africa and provides pre-close update

Jun 29, 2019
MORNE WILKEN
JSE specialist shopping centre REIT, Hyprop, today announced progress on its strategy…

Twin City to develop new R230m mall in Vryburg, North West

Jul 10, 2019
 TWIN CITY
The North West agricultural town of Vryburg is set to get its first enclosed shopping…

Please publish modules in offcanvas position.