Industrial park and flexible workspace provider Sirius Real Estate has more than doubled its rent roll over the past year, as it continues to push into the UK’s hot property market.
Rental income has surged over 73 per cent to €167m in the year to 31 March, up from €96.5m a year prior.
Sirius put the success down to its £380m BizSpace takeover, completed in November, which allowed it to enter the UK market.
The deal meant that Sirius could then sell off an around £16m worth business park in Camberwell, London, which represented an eyewatering 94 per cent premium on the valuation, as investment fund’s turn to industrial space in the capital post-Brexit and post-pandemic.
The London-listed real estate firm, which invests heavily into German business parks, has seen its property book value soar by over 50 per cent, swelling from €1.3bn to €2.1bn.
Meanwhile profit before tax inched some three per cent higher to €168.9m, up from €163.7m in 2021.
“We remain focused on driving property returns through the capability of our internal operating platforms and, despite the inflationary environment and the uncertainty created by the situation in Ukraine, are confident that we can continue to deliver attractive risk-adjusted returns through active asset management,” CEO Andrew Coombs said, adding that “the encouraging operating performance of BizSpace provides further income growth opportunities.”
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