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Sirius Real Estate Ltd – London and Johannesburg-listed property investor – Announces that Fitch has reaffirmed the company’s BBB investment grade rating with a stable outlook. This comes ahead of the firm’s half-year results due on November 21.
Fitch notes that it expects Sirius’ income to remain stable due to “an active focus on occupancy and low affordable rents for the company’s out-of-town locations”. It also highlights the benefits of Sirius’ operating platform and the “resilience” of its core portfolio and high levels of occupancy.
Interim Chief Executive Alistair Marks says: “Retaining our investment-grade rating in today’s challenging market environment is a testament to the resilience and flexibility of our portfolio, the digital tools we have created to source and attract tenants for our assets and the benefits of our asset management model. This rating will allow us to continue to optimise and diversify our funding structure and is a further endorsement of the strength of our platform, shortly after our recent refinancing of our EUR170 million Berlin Hyp AG facility, a year in advance of the end of its term.”
Current London stock price: 69.20 pence
12-month change: down 48%
Current Johannesburg stock price: ZAR14.24
12-month change: down 47%
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
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