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Sirius Real Estate - Great returns, solid foundations

Sirius Real Estate has been a stand-out performer within the UK listed commercial real estate sector over the last three years, delivering a total shareholder return of 107%. The shares also offer a valuable portfolio diversifier for investors, with a geographic focus on Germany, and a focus on property classes that are underrepresented in the listed peer group. We present some peer group comparison data on p8.

The company holds a portfolio of 67 (including six joint venture) properties across Germany, consisting of multi-tenanted mixed-use business park facilities in the office, industrial, and storage segments, with a focus on the Mittelstand tenant base.

Some key attributes of Sirius as an investment include:

  • A steadily growing dividend, currently offering a yield of 3.6%
  • A strong record of capital gains on its property investments, driven by a property improvement strategy that continues to deliver results
  • Sufficient balance sheet resources to sustain ongoing growth at a high level

The business has exhibited robust operational performance during the past 12 months, maintaining strong levels of occupancy and rent collection despite the COVID situation. We argue that this reflects the nature of the tenant base, as industrial distribution and out-of-town office facilities have proved to be resilient assets during the crisis.

 

Quick facts: Sirius Real Estate Ltd

Price: 93.8 GBX

LSE:SRE
Market: LSE
Market Cap: £987.54 m
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What's in the report?

Financial results and forecasts
Growth drivers
Management
Market conditions
Milestones & inflection points

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