Sirius Real Estate Ltd (SRE.L,SRE.JO), a property investor and developer in the UK and German regions, Monday reported a trading update for the first half of the year, with a 15.2% increase in rent roll year-on-year and an underlying rent roll increase of 5.2%. The growth in the rent roll was partly attributed to the ongoing acquisition.
In addition, the firm reported that they are on track to deliver full-year results in line with expectations.
The firm also stated that it has achieved occupancy protection and rent roll growth, which were the primary focus in the first half, driven by an increased renewal rate.
In Germany, a like-for-like rent roll growth of over 5% was achieved, despite the first half being their usual weaker period, with move-outs and sales affected by the season.
In the UK, like-for-like rent roll growth was above 5% despite a challenging economic backdrop.
In addition, the company stated that it looks forward to announce further asset acquisitions, with a greater focus on Germany, in the coming quarter than in the first half of the year.
Meanwhile,due to the scale of Vantage Point and the concentration of one single tenant at acquisition, it will be excluded from the underlying rent roll growth in the current financial year. However, looking ahead, the firm believes the inclusion will be positive for both the UK and German markets.
On the London Stock Exchange, Sirius shares were trading 2.21%% lower at 95.30 pence.
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