Sirius Real Estate has seen an “understandable” hit on lettings at its business parks due to the coronavirus crisis but said its upcoming results should still meet market expectations.
The London- and Johannesburg-listed company, which runs business parks in Germany, said it anticipates its results for the year to 31 March will show like-for-like rent roll up 6.1% at €81.2m (£70.7m).
Sirius has collected 75% of rent due from tenants. “There are a small number of tenants who are facing Covid-19-related financial difficulties who have requested deferral of rental and service charge payments,” the company said. “These cases will be addressed on a case by case basis.”
The company agreed three new debt lines during the past year, with its total debt rising from €386.1m to €485.8m. It has €33.1m in undrawn facilities and €121m in cash.
Sirius said three-quarters of its workforce is now working from home due to the coronavirus pandemic, adding that as the lockdown continues in Germany, the company cannot provide guidance on Covid-19’s effect on its business.
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