Wrap Text
Sirius notarises acquisition of defence supported business park in Fulda for €49.8 million
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
28 May 2026
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Company" or the "Group")
Sirius notarises acquisition of defence supported business park in Fulda for €49.8 million
Sirius Real Estate, the leading owner and operator of branded business and industrial parks
providing conventional space and flexible workspace in Germany and the U.K., has notarised the
acquisition of a light-industrial business park in Fulda, north east of Frankfurt in the Hesse region,
Germany, for total acquisition costs of €49.8 million.
The site comprises 57,771 sqm of lettable space on a 112,867 sqm plot and is fully let, currently
generating annual rent roll of €3.93 million, with a 5.1 year weighted average lease expiry. The
purchase reflects an EPRA Net Initial Yield of 7.8%.
The asset is production-led, with a significant proportion of space utilised for manufacturing and
warehousing, and is anchored by a leading European manufacturer of ballistic protection equipment
for military and law enforcement customers. The tenant currently represents 78% of the rent roll
and has agreed to take additional space as it becomes available, which is expected to result in the
site transitioning to an almost entirely single-tenant asset over time, with annual rental income of
approximately €4.0 million.
The tenant has been based at the site since 2014 and is benefiting from increasing demand driven by
structural growth in defence and security spending across Germany and Europe. The acquisition
therefore aligns with Sirius' strategy of targeting assets supported by long-term demand drivers,
while offering strong income visibility and further asset management potential.
Hesse has the highest GDP per capita of any state in Germany and is one of the country's economic
powerhouses. Fulda is in an excellent strategic location for industrial occupiers and is approximately
100km from Frankfurt. With direct access to Europe's longest motorway, the A7 Autobahn, as well
as the A66 corridor, the site also benefits from strong local connectivity with 11 bus lines and an
integrated regional rail and bus interchange serving the wider Hesse catchment.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "This acquisition
represents another attractive opportunity to deploy capital into a high-yielding industrial asset with
strong existing income and clear potential for further growth. The property is anchored by a high-
quality manufacturing tenant operating in the defence sector, which aligns with our strategy of
increasing exposure to areas supported by long-term structural demand and brings our portfolio of
recently acquired defence assets to just over €200 million at a blended gross yield of circa 8.9%.
We have already identified opportunities to grow income through the expansion of the anchor
tenant, while benefiting from the strength of the existing rent roll from day one. The acquisition is
therefore highly complementary to our platform and supports our continued focus on generating
sustainable income growth alongside selective asset management opportunities.
The Group will publish full year results on 1 June 2026 and management will host an investor
presentation on that day. Interested parties should contact FTI Consulting at
SiriusRealEstate@fticonsulting.com to register for attendance.
ENDS
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+44 (0) 20 3059 0855
FTI Consulting (Financial PR)
Richard Sunderland / Giles Barrie / Talia Shirion
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the equity shares (commercial companies) category of the
London Stock Exchange and the premium segment of the main board of the JSE Limited. It is a leading
owner and operator of branded business and industrial parks providing conventional space and flexible
workspace in Germany and the U.K. As of 30 September 2025, the Group's portfolio comprised 153
assets let to 10,958 tenants with a total book value of €2.8 billion, generating a total rent roll of €242.5
million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with
clients of AXA IM Alts.
The Company's strategy centres on acquiring business parks at attractive yields and integrating them
into its network of sites - both under the Sirius and BizSpace names and alongside a range of branded
products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to
the local market via intensive asset management and investment and may then choose to refinance
or dispose of assets selectively once they meet maturity, to release capital for new investment. This
active approach allows the Company to generate attractive returns for shareholders through growing
rental income, improving cost recoveries and capital values, and enhancing returns through securing
efficient financing terms. For more information, please visit: www.sirius-real-estate.com
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/ or on X (Twitter) at
@SiriusRE
JSE Sponsor
PSG Capital
Date: 28-05-2026 08:00:00
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