Sirius Real Estate has reported pretax profit of £19.84min the six months to September – up £9.11m on the same period last year.
The business park provider which focuses on the German market reduced its debt cost from an average of 4.3% to 3.3% by refinancing its Macquarie debt facilities through a new seven-year £41.37m facility from SEB with a fixed annual cost of 1.8%.
In June, Sirius raised £35m in new equity capital to buy five mixed-use business parks, which were acquired in September and October.
New lettings totalling 755,637 sq ft were secured over the six months to September, with average rents at £3.58 per sq ft – 3.9% above the average rate achieved across the existing portfolio.
Through its capex investment programme which aims to transform unlettable or under-retned space, a further 110,868 sq ft was identified.
