London-listed German property operator Sirius has announced four acquisitions in an upbeat trading statement for the six months to 30 September.
The company has acquired two offices and two business parks around Germany for a total of €38.8m (£34.7m).
The purchases follow July’s €25m equity fundraise. The company also reports a 2% uplift in like-for-like annualised rental income.
The acquisitions bring the company’s portfolio to 51 properties, compared to 43 at the end of H1 2016, with more expected to follow in the second half of this financial year. The company targets assets which allows it to use its operating platform to transform underutilised space and drive occupancy and rental rates.
Andrew Coombs, chief executive of Sirius Real Estate, said: “Economically Germany is in a favourable position relative to other comparable economies. In the third quarter of this year, output in Germany expanded at its fastest pace since April 2011 supported by export gains and strong growth in manufacturing.
“This tallies with the strong occupational demand for the company’s mix of conventional and flexible workspace we are experiencing and we believe bodes well for the company’s strategy of acquiring assets with increased vacancy and higher value add opportunity.”
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