Sirius Real Estate Ltd. (SRE): German defence-related acquisitions
This situation live
SRE Sirius Real Estate Ltd.
16 Feb 2026 · In exclusivity; funded by capital raise · +4% until the next step
which are expected to be notarised in the coming weeks and completed in Q2 2026, subject to finalising due diligence
17 Feb 2026 · In exclusivity; funding secured · −6% until the next step
which are expected to be notarised in the coming weeks and completed in Q2 2026, subject to finalising due diligence.
13 Apr 2026 · Kiel completed; second deal dropped; two replacements · +0% until the next step
We expect to notarise these two remaining acquisitions in the first quarter of the financial year and complete them in the second quarter at a better blended yield than the 7.6% EPRA net initial yield
1 Jun 2026 · Kiel completed; defence acquisitions total €155.8m · −1% until the next step
Three of the above assets (€155.8m)4, have a strong defence related tenant base in line with the Company's strategy
22 Jul 2026 · Kiel and Fulda completed; replacements pending · −9% until the next step
Sirius completes acquisition of defence-supported business park in Fulda for €49.8 million
5 Oct 2026 · Kiel and Fulda done; pipeline remains strong · +8% since
These investments included business parks in Kiel and Fulda in Germany, which are home to Rheinmetall’s land vehicle electrical systems testing business and a leading European ballistic protection man
German defence-related acquisitions
Kiel and Fulda done; pipeline remains strong
Next: Replacement assets (about €30m) still to be notarised and completed
Every step · 6
- 16 Feb 2026 In exclusivity; funded by capital raise – which are expected to be notarised in the coming weeks and completed in Q2 2026, subject to finalising due diligence ↗
- 17 Feb 2026 In exclusivity; funding secured – which are expected to be notarised in the coming weeks and completed in Q2 2026, subject to finalising due diligence. ↗
- 13 Apr 2026 Kiel completed; second deal dropped; two replacements – We expect to notarise these two remaining acquisitions in the first quarter of the financial year and complete them in the second quarter at a better... ↗
- 1 Jun 2026 Kiel completed; defence acquisitions total €155.8m – Three of the above assets (€155.8m)4, have a strong defence related tenant base in line with the Company's strategy ↗
- 22 Jul 2026 Kiel and Fulda completed; replacements pending – Sirius completes acquisition of defence-supported business park in Fulda for €49.8 million ↗
- 5 Oct 2026 Kiel and Fulda done; pipeline remains strong – These investments included business parks in Kiel and Fulda in Germany, which are home to Rheinmetall’s land vehicle electrical systems testing business and... ↗
What is happening
Sirius Real Estate Ltd.: German defence-related acquisitions – Kiel and Fulda done; pipeline remains strong. ['Kiel and Fulda done; pipeline remains strong']
- In short
- Two German defence-related deals went into exclusivity on 16 February 2026 after a £77m raise. Kiel (€93.4m) completed and Fulda (€49.8m, notarised 28 May) completed on 22 July 2026. The 5 October 2026 update says about €150m was deployed in the half at gross yields above 8%. The replacement assets are not mentioned.
- Announced
- 16 Feb 2026 · In exclusivity; funded by capital raise
- Latest
- 5 Oct 2026 · Kiel and Fulda done; pipeline remains strong
- Defence assets
- Three assets, €155.8m, per 1 June results
- Fulda
- Leading European ballistic protection manufacturer; €49.8m, completed 22 July 2026
- Fulda price
- €49.8m total acquisition costs, completed 22 July 2026
- Fulda yield
- 7.8% EPRA NIY; annual rent roll about €3.93m; fully let
- Fulda tenant
- Anchored by a European ballistic protection manufacturer, on site since 2014; WALE 5.1 years
- Capital deployed
- About €150m into acquisitions in the six months to 30 September 2026, at gross yields above 8%
- Kiel
- Rheinmetall land vehicle electrical systems testing business; €93.4m
- Pipeline
- Acquisition pipeline described as strong; double-digit return targets
What comes next
Replacement assets (about €30m) still to be notarised and completed.
From the company's own announcements. Not investment advice.
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