StockMarketWire.com - German property investor Sirius Real Estate posted a 62% jump in annual profit after it benefited from revaluation gains and higher rental income.

Pre-tax profit for the year through March rose to €144.7m, up from €89.6m on year, and included revaluation gains of €99.9m net of capex and adjustments in respect of lease incentives.

The like-for-like annualised rent roll increased 7.1%.

Funds from operations grew 26% to €48.4 and the company's net asset value per share grew 12.6%.

Sirius declared a final divided of 1.73c per share, giving ab total dividend for year of 3.36c, up 6.3% on-year.

'This has been a particularly successful year for the business on many fronts,' chief executive Andrew Coombs said.

'As well as generating a strong total shareholder accounting return of 19.3% and high like-for-like annualised rent roll growth of 7.1%, we've significantly reshaped the portfolio to focus on our seven key cities.'

'We also agreed an exciting new venture with AXA IM - Real Assets which will enable us to consider larger assets and portfolios of assets with a wider range of return profiles than we could previously.'

'These achievements are testimony to the quality of our in-house platform and the strength of the team.'

'Having successfully achieved the previously stated goal of increasing the company's gross assets to in excess of €1bn our focus will now shift to FFO growth.'

'We are confident that the resilience of the varied sectors of the Germany economy within which we operate and the strength of our business model will continue to help us achieve strong returns for our shareholders well into the future.'



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