- German office property investor Sirius Real Estate said it did not expect the coronavirus pandemic to have a material impact on its trading profit for the year through March.

All meeting room and conference facility hire had been put on hold until the end of April, having a 'marginal impact' on revenues and cash flow.

The company had also seen a 50% reduction in the run rate of core enquiries for new tenants.

That was expected to translate into a 10% reduction in new lettings in March and a 35% - 40% reduction in monthly new lettings throughout April and into May.

'This could lead to a circa 1% reduction in underlying occupancy,' Sirius said.

'On the positive side, the gompany is seeing an increase in demand for storage space from both new and existing commercial tenants as well as new self-storage customers,' it added.

Storage made up 35% of space in Sirius's portfolio.

'Although it is still early on in the spread of Covid-19 in Germany, to date there has been no increase in the level of contract terminations or failure to meet rental payments above normal levels,' the company said.

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