Proactive Research analyst Ed Stacey presents his research on Sirius Real Estate, a UK listed real estate company which owns business park properties in Germany.
He highlights their interim results and new acquisition, BizSpace, UK first.
The company recently released results for H1 ended September 30. The company reported revenues of €88.4mln, which was +11.5% versus H1 2021. Funds from operations (FFO, a measure of cash profit) were €33.0mln, up 13.4% versus H1 2021. The dividend per share of 2.04c (+12.1% vs H1 2021) was in line with our expectations.
In addition, Sirius announced the proposed acquisition of BizSpace Group, a UK based provider of regional flexible workspace, for a cash consideration of c.£245mln. The deal represents Sirius’ first entry into the UK market, and provides a new avenue for growth for the company.