Sirius Real Estate boosted by higher rents

German business park operator Sirius Real Estate came in slightly ahead of estimates after boosting rents on its properties and keeping tenants for longer.

Total income for the year was flat at €45.7m with adjusted earnings before tax coming in at €2.9m.

Occupancy increased to 78% from 76% the year before, while average rates increased to €4.21 per square metre from €4.13.

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However, the poor economic environment hit its portfolio, which was revalued at €485.7m, compared to €505.5m the previous year.

Sirius said this was down to the valuer DTZ taking a more negative stance towards the German economy.

"Whilst GDP figures in the first quarter of 2012 have shown steady growth in the Germany economy, the wider difficulties in the Eurozone make economic forecasting difficult" the firm said.

"Our experiences indicate that the German SME market remains resilient with demand for flexible work space reasonably constant."

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