Notice of Results and Results

RNS Number : 2007D

Sirius Real Estate Limited

27 November 2009

 



SIRIUS REAL ESTATE LIMITED ("Sirius" or the "Company")

Notice of results and results preview

Sirius Real Estate Limited, the real estate company established to acquire large mixed-use commercial sites for upgrading to flexible workspaces in Germany, will be reporting interim results for the period ended 30 September 2009 on Monday 7 December 2009.

A presentation to analysts will be held on the day at J.P. Morgan Cazenove (20 Moorgate, London EC2R 6DA) at 9.30am.

The Company is pleased to report that it expects the property valuations to be stable over the 6 month period, and despite some anticipated tenant departures, the total revenue for the six months to 30 September is expected to be in line with market expectations. Recent letting activity has been encouraging and Sirius continues to demonstrate its ability to attract tenants at above market rates and significantly higher than the rates of vacating tenants.

The investment in initiatives to impro ve cost recoverability and to reduce direct costs within the business has continued over the 6 month period. As a result of the cost of this investment continuing, profits for both the 6 months to 30 September 2009 and for the full year to 31 March 2010 are likely to be below currently available market estimates. This investment is expected to result in material operational efficiencies and cost savings in the following financial years.

Enquiries:

Principle Capital Sirius Real Estate Asset Management Limited            
Kevin Oppenheim, CEO                        020 7632 4130
Alistair Marks, CFO

Cardew Group                
Tim Robertson                                       020 7930 0777      
Catherine Maitland                         

 

END

 

 

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