OFFSHORE PROPERTY
What’s up with Sirius?
Hint: Germany’s high gas price and potential shortages are factors behind the company’s share price plunge, though intrepid investors are now climbing back in
Sirius Real Estate, which has in recent years regularly appeared among property fund managers’ top picks, has taken a brutal beating this year. It’s down 45% from its early January highs, making it the JSE’s worst-performing real estate stock year to date. That is against a less pronounced slide of -11% for the SA listed property index as a whole over the same period, according to data from Anchor Stockbrokers.
Sirius, which is also listed on the LSE, is the JSE’s only rand hedge property counter that generates the bulk of its earnings in Germany. The company entered the UK in November via the acquisition of flexible workspace company BizSpace and its €1.2bn portfolio is now split 75/25 between Germany and the UK...
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