Sirius Real Estate, the owner of German business parks, is being backed to achieve double-digit share price growth in 2018. Fund managers say the company, which has seen its share price climb nearly 20% this year already, has used its operating platform to leverage higher rent per square metre than its competitors. The group, with a market capitalisation of R10.8bn, has also been highly effective at recycling its properties. On Wednesday, Sirius announced it had completed the sale of its Bremen Brinkman business park for €15.5m (R234.6m). This was one of two noncore assets within the company’s portfolio. The buildings within the park are configured for tobacco manufacturing, which, because of the costs and complexity involved, have limited the potential for investment to reconfigure the space. The park would be sold in line with book value. At the end of March the site contained 48,700m² of vacant space. It was debt-free, so the sale proceeds would be wholly re-invested into new sit...
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