Sirius hits asset-ownership target a year early
JSE-listed office group says it has acquired some of the best commercial properties in Germany
JSE-listed German office group Sirius Real Estate has reached its asset-ownership target a year ahead of schedule, saying it stole a march on its competitors in acquiring some of the best commercial properties in Europe’s largest economy. The asset base of the company, which is the only property group listed on the JSE with a sole investment focus on Germany, surpassed €1bn for the first time while its dividend rose 4.5% to 1.63 euro cents from 1.56 euro cents in the six months to September. Sirius listed in December 2014 at R6 a share with assets worth R6.4bn. At the close of trade on Monday, its share price was R11, or 83% higher than its listing price, and its asset base had grown more than 2.5 times to €1.044bn. CEO Andrew Coombs said the company had hoped to own €1bn in assets by the end of 2019, but achieved this sooner than expected. He said his management team viewed about 800 properties in 2018 and succeeded in acquiring high-quality assets at prices that would not dilute S...
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