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SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
13 April 2026
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the "Company")
Trading Update for the financial year ended 31 March 2026
Strong organic growth with 6.4% increase in Group like-for-like rent roll
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., provides an update on trading for its
financial year ended 31 March 2026.
The Group has achieved an 18.4%* year-on-year increase in rent roll, driven by a combination of continued
successful asset acquisitions and strong demand for space at our business parks, both of which have contributed
to solid organic growth. On a like-for-like basis, rent roll growth has accelerated in the second half, delivering a
total annual increase of 6.4%* compared to the financial year ended 31 March 2025 and marking the twelfth
consecutive year of like-for-like rent roll growth in excess of 5%. The Group expects to deliver full year results in
line with market expectations.
In Germany, leasing performance has again seen a strong finish to the financial year, with anticipated levels of
move outs in the first half more than offset by pricing gains on renewals and heightened occupier activity,
particularly in the final quarter. The Company's in-house asset management platform was able to capture rate
growth and occupancy gains over the full year. In spite of the volatile geopolitical backdrop, we expect to see
the increase in income convert into valuation growth in the German portfolio at the year end, supported by
stable property yields.
In the U.K., a solid performance throughout the financial year was impacted by prolonged political uncertainty
around the Chancellor's Autumn Statement which was delayed to the end of November 2025. This led to a
slower occupational market in the final three months of calendar year 2025, with weaker customer confidence
leading to deferred decision making, as well as the sale of smaller spaces due to occupiers noticeably reducing
their propensity to factor in future growth ambitions. Following publication of the Autumn Statement, which
restored a degree of certainty back into the market, 2026 started very strongly, with occupier sales metrics
suggesting some catch up and mitigation of the third quarter's weakness, nonetheless leading to reasonable
like-for-like rent roll growth in the U.K. over the whole year. We expect to maintain property valuations in the
U.K. and, overall, the Group expects to announce a positive valuation movement at Group level at the period
end.
During the financial year we completed on 13 asset acquisitions, with a total investment value of '464 million.
Three of those assets, Bedford, Feldkirchen and Kiel, totalling approximately '155 million in investment, have a
significant defence component to their tenant base. These acquisitions fall in line with our previously stated
strategy of building a portfolio of defence-related properties in Germany and the U.K. and are complementary
to our traditional business parks. Both countries have announced material increases in defence spend, with
Germany in particular seeking to grow spend to 5% of GDP through committed fiscal stimulus amounting to
around '400 billion. We believe this significant government funding will have a material effect on the demand
for the types of industrial space that Sirius provides, with the urgency of the requirement making existing stock
the only feasible option at scale.
The Company maintains a strong balance sheet as demonstrated recently through the renewed and enlarged
'300 million revolving credit facility, supported by existing and new banking partners.
In February 2026, we conducted a significantly oversubscribed #77 million equity fundraise at a price in line with
our 30 September 2025 adjusted NAV, which was targeted at acquiring the asset in Kiel (with Rheinmetall as the
anchor tenant) and one further defence-related asset together totalling approximately '130 million. We
completed the acquisition of Kiel for a slightly improved price of '93.4 million and did so within six weeks of the
February capital raise and before the start of the new financial year (we had anticipated closing both transactions
by Q2 2026). We have since withdrawn from the other transaction because the seller significantly increased
their price expectations, but we are pleased to have identified from our extensive pipeline of opportunities two
alternative assets totalling approximately '30 million (the remaining 25% of the targeted spend), one of which
is defence related.
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 that Kiel and the other
asset would have delivered. Given the strength of this pipeline and the quicker than expected completion of the
Kiel acquisition, which represents 75% of the targeted spend, we remain on track to generate the anticipated
levels of funds from operations (FFO) from the fundraise proceeds.
Balancing the capital raising with the discipline of recycling capital from assets where we have maximised our
value add capability, in the financial year we also agreed the sale of Pfungstadt for '30 million, at a premium to
book value, with the transaction due to complete in July 2026. In addition, we completed on the sale of a smaller
asset in Sunderland for #1.25 million, also at a premium to book. We look forward to updating on further asset
activity over the coming months.
Commenting on trading during the period, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:
"Over the past year, our focus on growth and asset management, as well as the quality and occupier appeal of
our properties, has enabled us once again to deliver a strong performance on behalf of our shareholders, despite
the volatile market backdrop. This has translated into our twelfth year of like-for-like rental growth of above 5%,
as well as improving occupancy and expected overall valuations. Our balance sheet remains strong and having
shown that the debt and equity markets will continue to support our strategy when we seek new capital, we
invested '464 million into primarily resilient, income-generating assets that also offer the opportunity to create
value through our platform. Around a third of this by value was invested into business parks that bolster our
portfolio of industrial assets let to defence-related businesses, which we expect to continue to benefit from
increased government led defence spending across Europe and further afield."
Full Year Results
Sirius will announce results for the financial year ended 31 March 2026 on Monday, 1 June 2026, at which time
there will be an in-person presentation and a virtual webinar for analysts and investors.
The financial information on which this trading update is based has not been reviewed or reported on by the
Company's external auditors or a reporting accountant.
*Group rent roll has been translated utilising a constant foreign currency exchange rate of GBP:EUR 1.152, being the closing exchange rate
as at 31 March 2026 and we continue to exclude Vantage Point in the U.K. from our like-for-like rent roll metrics due to ongoing
improvement works.
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+44 (0)20 3059 0821
FTI Consulting (Financial PR)
Richard Sunderland / 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 owned portfolio comprised 153 assets let to 10,958 tenants with a
total book value of '2.8 billion, generating a total annualised rent roll of '242.5 million. Sirius also holds a 35%
stake in Titanium, its '350+ million German-focused joint venture with clients of BNP Paribas Asset Management
Alts (formerly 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/
Follow us on X (Twitter) at @SiriusRE
JSE Sponsor
PSG Capital
Date: 13-04-2026 08:00:00
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