Sirius CEO Andrew Coombs. Picture: FREDDY MAVUNDA
Sirius CEO Andrew Coombs. Picture: FREDDY MAVUNDA

Germany-focused business park owner Sirius Real Estate, which is seeking to double its asset base by 2024, said on Wednesday it had extended its banking facility with Berlin Hyp to a total of €180.2m.

In an update for its six months to end-September, the company said it now had “total firepower” of €170m and had already identified new acquisitions in its joint venture with AXA Investment Managers.

The company, which owns multi-let business parks and a personal storage business, wants to double its property portfolio to €2bn over the next five years.

Performance for the period was in line with expectations, Sirius said, though like-for-like occupancy remained flat at 85%.

Total annualised rent roll, which includes the effect of acquisitions and disposals in the period, was about €78.5m compared with €76.5m at the start of the period

The company completed its Titanium joint venture with AXA Investment Managers in July 2019 through the sale of 65% of its interest in five business parks, generating net proceeds for Sirius in excess of €70m.

The company has identified a pipeline of potential acquisition opportunities that fit with Titanium’s investment criteria, which it is discussing with its partners, Sirius said.

“While our like-for-like annualised rent roll is broadly flat for this period, we are pleased at the speed we have been able to secure enough new income to replace that lost from the known move-outs that we highlighted in our annual report,” said CEO Andrew Coombs.

“The foundations have been set for a strong second half to this financial year,” he said. With Alistair Anderson  

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