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Sirius Real Estate reports strong sales enquiries and rent collection

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Sirius Real Estate Limited (LON:SRE) said it has collected almost all rent due from its portfolio of German business parks despite the coronavirus (COVID-19) pandemic.

For the first nine months of its financial year, which ends on March 31, 2021, Sirius said it has received 97.7% of rents with 98% receipts for calendar year 2020.

Write-offs had amounted to €205,000 out of a total rent and service charge invoicing of €141.2mln, Sirus added.

The FTSE 250 property group noted that out of 5,000 tenants as of December 31, 2020, 43 had been adversely impacted by the pandemic amounting to €0.4mln with 16 on deferred payment plans.  

The group’s monthly cash collection in January was in line with previous months, it said, with 94.3% of rent and service charges billed received, compared to 95.0% for the same month in 2020.

Sales enquiries are running around 20% higher than this time a year ago.

In a statement, Andrew Coombs, Sirius RE’s chief executive, said: “Our enquiries, sales and cash collection performance, as well as the robust commitment of the German government to supporting business throughout 2021, give us confidence in our ability to continue to trade well through the COVID-19 environment.

“With total cash balances in excess of €70.0 million the company has the capacity to continue to make acquisitions as opportunities arise.”

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