LONDON (ShareCast) - (Sharecast News) - Industrial business park owner Sirius Real Estate reported a 73.1% rise in annual rents to €167m driven by higher demand and acquisitions as it lifted its dividend by 16%.
The company, which operates out of the UK and Germany, said pre-tax profit for the year to March 31 was up 3.2% to €169m. The company is paying out a total per-share dividend of 4.4 cents.

It completed €201.9m of acquisitions in Germany and entered the UK market via the acquisition of BizSpace for £245m, representing a net initial yield of 7.1%.

It also made two strategic disposals providing €30m of capital to recycle into the business completed or expected to complete after the period end.

Sirius said current trading was in line with market expectations, driven by continued "strong occupier demand, transformative investment and ongoing on-shoring of production and supply chains by German and UK manufacturers".

It added that the positive impact of acquisitions was expected to be "more pronounced" in the new financial year and was actively assessing further opportunities for growth in both Germany and the UK.

"Whilst the business is mindful of global macro-economic conditions causing uncertainty, Sirius remains well placed to continue to deliver attractive returns for shareholders," the company said.

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