Sirius Real Estate, JSE-listed owner and operator of branded business and industrial parks in Germany and the UK, declared its 12th consecutive year of like-for-like rent roll growth above 5% in the year to March 31, 2026.
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Sirius Real Estate on Monday announced its 25th consecutive dividend increase after operational performance drove adjusted net asset value ahead of expectations for the year to March 31.
The London and JSE-listed owner and operator of branded business and industrial parks in Germany and the UK said Monday a final dividend of 3,22 euro cents per share was declared from 3,09 cents in 2025, bringing the total dividend 4.1% higher at 6,40c per share.
"Sirius delivered another strong performance over the past year, demonstrating the continued effectiveness of the asset management program in driving growth and value, even during times of volatile market conditions,” said the CEO Andrew Coombs.
He said a 38% average return on investment had been generated through the past three years just through the value-add capital expenditure program.
Group funds from operations (FFO) for the year increased by 8.4% to €133.5 million - very near to the group near-term target of €150m, while FFO per share was up 4.5% to 8,82 cents.
Coombs said they are trading in line with management expectations and at this stage.
The group spent €463.3m through the year on asset acquisitions completed or notarised, fueling future rental growth. These acquisitions and asset management initiatives drove a 20.5% increase in value of the owned property portfolio to €2.96 billion, with €111.3m of the uplift achieved through asset management and the remaining €369.9m from the accretive acquisitions program.
The like-for-like annualised rent roll increased by 6.4% to €224.2m driven through strong organic growth and occupier demand in Germany and the UK; it was the 12th consecutive year of like-for-like rent roll growth above 5%.
Profit before tax increased by 4.9% to €211.4m due to strong operational performance and €111.3m valuation gain in 2026, compared to €81m gain in the previous financial year.
Taxed profit was up 29% to €229.8m reflecting the release of deferred tax liabilities in the German portfolio following a phased government reduction in the corporate tax rate.
Adjusted NAV per share increased by 5% to 124,78c, ahead of consensus expectations.
The acquisitions included 9 acquisitions in Germany for €271.1m and 4 transactions in the UK for £166.2m.
Three of the acquisitions valued at €155.8m had a strong defence-related tenant base in line with the company's strategy to increase exposure to this fast-growing sector.
The balance sheet remained strong with cash of €372.7m and a €300m undrawn revolving credit facility, “providing abundant liquidity ahead of the repayment of the €400m bond due in June 2026,” said Coombs.
Net loan to value stood at 26% by the end of the year, versus 31.8% at the end of the 2025 financial year.
A €105m bond tap of the group's 2028 bonds conducted in September 2025, and an oversubscribed €88.3m equity raise in February 2026, reflected strong capital markets support for Sirius' proposition, he said.
“The projected rise in UK and German government defence spending is expected to have a material effect on demand for the types of industrial space Sirius provides, with the urgency of need making existing stock the only feasible option at scale,” said Coombs.
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