Sirius to acquire business park in Hamburg

LSE (GBP) Share Code: SRE

Sirius Real Estate Limited

("Sirius Real Estate", "Sirius", the "Company" or the "Group")

Sirius to acquire multi-tenant business park in Hamburg for €31.9 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 multi-tenant business park in Hamburg, Germany, for €31.9 million (including acquisition costs).

Located in Hamburg-Rothenburgsort, northern Germany´s largest continuous industrial area, the site has a gross lettable area of 29,448 sqm. The park is well connected to central Hamburg, which is an 11 minute drive away, as well as to a number of Sirius' other assets in the region, with the business' closest Hamburg asset located a 30 minute drive away, providing operational synergies.

The purchase terms reflect an EPRA Net Initial Yield of 6.1%. The business park currently generates €2.15 million of annualised rent roll per annum and is 89% occupied, providing a number of value creation opportunities through leasing of vacant space and future development. The site is also occupied by several smaller tenants whose shorter leases offer potential for upside from their current rental levels and further offers a potential new build opportunity with an existing large tenant.

The asset, which was recently substantially renovated, is occupied by a number of leading businesses across a wide variety of sectors with the two main tenants contributing over 20% of the rent roll and benefiting from a combined WALE of 3.1 years. The site occupies a prime site within the Rothenburgsort industrial area, close to the Hamburg port.

Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "The acquisition of our fifth Hamburg business park will generate day one income and offers further significant potential to improve rental tone, grow occupancy and grow revenue through onsite development. Following our acquisition of a business park in nearby Lübeck earlier this year, the asset is another exciting addition to our portfolio in the Hamburg region and wider Northern German area. The transaction also builds on the momentum we have achieved this calendar year, having made over €340 million of acquisitions in the U.K. and Germany. Due to its strong economy and supportive macro tailwinds, and having made a number of significant acquisitions in the U.K. in the last couple of years, our main focus going into 2026 will be on seeking attractive investments in Germany, where we have a strong pipeline of opportunities that we are currently exploring."

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