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Sirius Real Estate sees increase in storage enquiries as it seeks acquisitions to grow portfolio

By BFN News | 08:37 AM | Thursday 13 August, 2020


German business park investor Sirius Real Estate has reported that at the end of July it had collected €39.9m in rent and service charges for the period April to June, in line with the prior year period, and said it was on the acquisition trail as enquiry levels increase. It said the cash collection rate relating to rent and service charges for the period April-June 2020 was 95.9%, compared to 98.2% for the same period in the prior year, and resulted in uncollected rent and service charges of €1.4m, €212,000 of which relates to insolvency cases. Chief executive Andrew Coombs said the business was entering the third phase of its COVID-19 response 'and focussing on managing our client base carefully as the longer-term impacts of COVID-19 are absorbed'. He added: 'With its significant cash resources, Sirius is actively seeking new acquisitions to grow the portfolio, as well as to invest in it in order to attract new tenants and to capture reversionary potential from vacated space.' As at 31 July 2020, the company held total cash balances of €137m. Sirius Real Estate saw an increase in enquiry levels of 6.7% for the period between 1 April and 31 July 2020 to 5,185, compared to the same period in the prior year, with a particular increase in the number of enquiries for storage, which makes up 35% of its total lettable space. In the period April to June 2020, the company saw an approximate 11% decrease in the number of new lettings and reduction in square metres let compared to the same period a year earlier. At 8:37am: (LON:SRE) Sirius Real Estate LD share price was +0.85p at 74.65p Story provided by StockMarketWire.com

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