Sirius rent income soars 15% on acquisitions push

Sirius, owner and operator of branded business and industrial parks, reported a 15.2% rise in total rental income to €242.5m (about R5bn) boosted by recent acquisitions as it continues to focus on pursuing growth opportunities in Germany and recycling mature assets to reinvest in value-add properties.

Profit after tax jumped 56.8% to €87m, driven by strong operations, higher property valuations and the release of deferred tax liabilities — boosted in part by Germany’s corporate‑tax reform, which will cut the rate by 1% a year from 2028, reaching 10% by 2032.

“At the same time, we have continued to make good progress in our acquisition programme, investing almost €340m so far this year, including the purchase of a significant estate in Hartlebury which has been transformatory for our BizSpace business in the UK," the group said on Monday.

The group’s basic earnings per share surged 47.2% to 5.77 c reflecting the strong 56.8% profit‑after‑tax growth and its expanded share base after the July 2024 equity raise.

The board has approved a 3.18 c dividend per share for the six months ended September — a 4% uplift on last year’s 3.06c.

However, headline earnings and earnings per share fell 28.8% to 2.84c, dropping by €14.2m due to foreign‑currency translation loss.

The group reported a 6.6% increase in funds from operations (FFO) to €64.7 m, but its FFO per share slid to 4.30c. Group earnings per share net initial yield of 6.8%, down slightly from 6.9% in March — with Germany holding firm at 6.2% and the UK tightening to 8.3%, thanks largely to its industrial‑tilted acquisition push.

Meanwhile, its adjusted net asset value per share dipped 0.9% to 117.84 c, dragged by valuation gains being offset by a euro‑denominated foreign currency translation loss on its UK assets, it said.

The group sits on a €150 m undrawn revolving credit facility giving it flexibility for acquisitions, capital expenditure and cash management. It also raised €105 m via its 1.75% 2028 bonds, adding firepower for its acquisition pipeline. Net loan to value climbed to 38.3%.

The group has an additional €389 m cash position since September 30 2025 (down from €571.3 m on March 31) for acquisitions and capex investment as well as repayment of the €400m bond due in June 2026, it said.

“Sirius is well‑positioned to scale further — leveraging its strong balance sheet for acquisitions and asset‑management, while delivering its 24th consecutive dividend increase,” it said.