Shares in AIM-listed Dawnay Day Sirius jumped 5% to €0.52 in early trading after it unveiled a positive trading statement this morning.
The company, which invests in and redevelops flexible business space for small and medium-sized businesses in Germany, said that it had been selective in its acquisitions for the last six months but progressed well with asset management initiatives.
Kevin Oppenheim, chief executive officer of the asset manager, said: ‘In turbulent global market conditions, the German economy remains relatively robust, and we continue to see strong occupational demand from the SME sector.
‘We have acquired a portfolio with the potential for significant enhancement, the benefits of which are already starting to come through. We have now demonstrated that we can achieve significant rental premiums as a result of the Sirius transformation, and the new build development opportunities are being exploited across the country.’
The company has a portfolio of 38 properties with total lettable space of 11.8m sq ft, with the potential to develop a further 861,120 sq ft of space.
The company was started by collapsed property and financial firm Dawnay Day, and the asset management contract for the company was bought from Dawnay Day by Principle Capital partners earlier this year, in a joint venture with the management.