At another site in Wiesbaden, Sirius has increased occupancy from 67pc to 89pc and the average rent per square metre has risen by about 30pc. Occupancy at a third, in Mainz, increased from 80pc to 94pc during Sirius’s ownership – it has now been sold.
Peel Hunt concluded: “All three assets have delivered exceptional returns, driven by growth in occupancy and rent, no doubt aided by Sirius’s first class operating platform. The shares trade on a 4.3pc dividend yield, which is 1.6 times covered and, given the relative strength of the German economy, the company remains one of our top picks.”
We will content ourselves with a hold rating.
Questor says: hold
Share price at close: 81.1p
Update: Premier Oil bonds
We sold Premier Oil’s retail bonds at a painful loss in March when the onset of the pandemic had sent the oil price to such low levels that Premier’s survival was called into question.
But survive it has and it is now to merge with a rival, Chrysaor. We will briefly outline what this means for holders of the retail bonds in case any readers hung on to them.
The bonds are to be repaid and cancelled but unfortunately not at par value of £100. Holders will be given a choice: about £75 per bond in cash or about £61 in cash plus shares in the newly merged company.
The likely value of those shares has been estimated at £14-£22 for each bond currently held but it could be more if the oil price performs strongly.
Bondholders will need to make their choice known – their stockbroker will be in touch with them directly.