Date: Wednesday 07 Apr 2010
LONDON (ShareCast) - Germany based Sirius Real Estate said it expects results for the year to 31 March 2010 to be in line with market expectations with market conditions remaining broadly stable.
"The German SME sector is showing a resilience which has translated into steady levels of demand, said Sirius.
Since the beginning of 2010 substantial improvements have been made in the way the portfolio is marketed, and the company is able to offer well located workspace which has been upgraded to suit the flexible needs of the company's core SME client base, it added.
Sirius added that it has completed the development phase of the business and has moved on to focusing mostly on boosting occupancy and efficiency levels across the portfolio.
Under new CEO Andrew Coombs a number of structural changes have been made in Germany which has had an, immediate impact on lettings in the final quarter and will produce an annual cost saving of approximately 1m to Sirius, the group said in a trading update.