StockMarketWire.com - German property investor Sirius Real Estate booked a modest rise in first-half profit, as higher income was offset by finance expenses.

Pre-tax profit for the six months through September rose 1.9% to €79.7m, up from €78.2m on-year.

Funds from operations grew 16% to €27.1m and the company's net asset value per share rose 7.3% to 76.18c.

Sirius Real Estate declared an interim dividend of 1.77c per share, up 8.6% on-year.

'Despite political uncertainty and economic headwinds, Sirius' value-add business model continues to flourish due to the diversity that comes from intensive asset management and our wide range of products,' chief executive Andrew Coombs said.

'Occupier demand for both conventional and flexible space remains strong while investor appetite for exposure to the German light industrial market continues to drive yields down.'

'Part of this is fuelled by the low rates of financing available, of which we are strongly positioned to take advantage.'

' With significant vacancy in our value-add portfolio and a defensive portfolio gross yield of 7.4%, there remains considerable potential to increase rent roll and capital values.'

'Following the completion of the acquisitions that were notarised in the period, we have around €80m of financial resources to fund future acquisitions on our own balance sheet or within the joint venture with AXA Investment Managers - Real Assets.'

'As such, we are well positioned for a busy and progressive second half of the financial year.'

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