Sirius to acquire defence-anchored business park
Summary by AI BETAClose X
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
30 March 2026
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Company" or the "Group")
Sirius to acquire defence-anchored business park in Kiel for €93.4 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 business park in Kiel, Germany, for €93.4 million (including acquisition costs), adding another defence anchored asset to its portfolio. The property is predominantly let to Rheinmetall, Germany's largest defence company, together with a number of other companies in the defence, infrastructure, testing and automation sectors.
Located in Kiel, the capital of the state of Schleswig-Holstein in northern Germany and one of the country's strategic defence hubs. The property sits on a 226,600 sqm plot and offers a gross lettable area of 78,170 sqm. It comprises production and warehouse, office and laboratory space.
The purchase terms reflect an EPRA Net Initial Yield of 8.2%, and the business park, which is currently 98.5% occupied, generates €7.78 million of annual rental income, with a weighted average lease expiry (WALE) of 4.0 years.
Rheinmetall undertakes research and development of electrical systems for land vehicles at the site, an area of significant growth for the company, while the second largest tenant on site produces rail locomotives for European use.
The acquisition also includes a 955 sqm development which is on site and due to complete in 2027. At this time, an existing tenant, specialising in systems automation and robotics integration, will take occupation of a new building under a new 10-year lease, further enhancing the asset's rent roll.
Situated on Germany's Northern Coast leading directly into the Baltic Sea, Kiel is a major maritime industrial defence and transport hub, with its port and shipyard area and natural inlet making it a strategic logistics and manufacturing base for the German Navy, as well as the commercial maritime industry.
This acquisition further bolsters Sirius' portfolio of industrial estates let to businesses in the defence-related sectors, with over €200 million invested into this sub-sector in Germany and the U.K. over the past 12 months. Recent acquisitions include a business park in Feldkirchen, Munich, which is predominantly let to a company specialising in laser-defence technology, alongside a business park in Bedford, U.K. which is used by an electric components manufacturer to make component parts for ejector seats in modern military jets.
The Group continues to progress further asset acquisitions in Germany and looks forward to updating the market on another successful year of growth in its year end trading update, scheduled for release on Monday, 13 April 2026.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "The acquisition of this multi-let business park delivers immediate income and offers further significant potential to improve rental tone, extend the WALE and drive further revenue growth through on-site development. This site is anchored by Rheinmetall, Germany's largest defence company and is strategically located close to one of Germany's major naval bases in Kiel. This acquisition also adds to our broader portfolio of defence-related properties, further positioning the business to support the projected increase in government investment into defence and the resulting growth in occupier demand across the sector."
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 / Ellie Sweeney / 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 hour ago ASOS
- 2 hours ago MJ Gleeson
- 2 hours ago Rolls-Royce Holdings
- 2 hours ago Crest Nicholson Holdings
- 3 hours ago Naked Wines