Sirius Real Estate

  • Sirius Real Estate is a leading operator of branded business parks providing   flexible workspace to the German SME market. Sirius seeks to buy assets with   the potential to create value, predominantly through the asset management   process by filling vacant space and converting space to higher value uses.   Sirius currently owns 65 properties and has over 5,000 tenants. These   properties are valued in excess of €1.15 billion.

  • Despite   the Covid-19 pandemic, Sirius reported 97.2% cash collection rate for   April-September 2020. Sirius also reported like-for-like occupancy of 83.9%   with an increase in like for like average rate of 1.1% to €6.03 per square   meter. Total annualised rent roll €89.2 million compared to €78.5 million in   the corresponding period in 2019.

  • The Company also reported an increase in enquiry levels of 17.4% compared to the   same period in the last year (8,284 total enquires for the period compared to   7,054 enquiries in the same period last year). Analysis of enquiry data   confirms a particular rise in the number of enquiries for storage, which   makes up 36% of the Company's total lettable space.

  • Sirius   currently trades on a dividend yield of 4.1% and a 10% premium to NAV of R15.   The company is also conservatively geared with a net loan to value ratio of   33%. Although the company trades at a premium to NAV, we feel this is   justified given management’s track record of creating economic value for   shareholders. This coupled with conservative gearing levels makes Sirius one   of preferred counters on the JSE property sector.

  • Despite   the Covid-19 pandemic, Sirius reported 97.2% cash collection rate for   April-September 2020. Sirius also reported like-for-like occupancy of 83.9%   with an increase in like for like average rate of 1.1% to €6.03 per square   meter. Total annualised rent roll €89.2 million compared to €78.5 million in   the corresponding period in 2019.

  • The Company also reported an increase in enquiry levels of 17.4% compared to the   same period in the last year (8,284 total enquires for the period compared to   7,054 enquiries in the same period last year). Analysis of enquiry data   confirms a particular rise in the number of enquiries for storage, which   makes up 36% of the Company's total lettable space.

  • Sirius currently trades on a dividend yield of 4.1% and a 10% premium to NAV of R15. The company is also conservatively geared with a net loan to value ratio of 33%. Although the company trades at a premium to NAV, we feel this is justified given management’s track record of creating economic value for shareholders. This coupled with conservative gearing levels makes Sirius one of preferred counters on the JSE property sector.

Sirius Real Estate