Wrap Text
Fitch reaffirms Sirius' BBB Investment Grade Credit Rating and Stable Outlook
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
15 October 2026
Sirius Real Estate Limited
(“Sirius Real Estate”, “Sirius”, the “Group” or the “Company”)
FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING AND STABLE
OUTLOOK
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., announces that Fitch Ratings has
reaffirmed the Company's Long-Term Issuer Default Rating (“IDR”) and senior unsecured rating at BBB,
with a Stable Outlook.
In its rating rationale, Fitch cited Sirius’ disciplined approach to maintaining stable occupancy and
moderate leverage during a period of portfolio growth. It also praised the resilience of the Group’s
operating platform, noting that like-for-like rental growth continues to outpace inflation and recognised
Sirius’ active approach to optimising assets through targeted capital investment, as well as its in-house
digital platform’s ability to attract tenants and improving occupancy.
Fitch highlighted the strength of the Group’s credit metrics, with EBITDA net interest cover of around 7x
in FY26 and net debt to EBITDA around 6x throughout the forecast period, further demonstrating the
strength of Sirius’ balance sheet. It also expects the Group to maintain leverage at or below its long
term loan-to-value policy.
Fitch also recognised the opportunity presented by Sirius’ growing exposure to defence-related
occupiers, particularly in Germany. Following the acquisitions in Kiel and Fulda, the value of the Group’s
defence-related assets is approximately €200 million, with Fitch expecting increased defence spending
to support tenant retention and demand across this part of the portfolio.
Chris Bowman, Chief Financial Officer at Sirius Real Estate, said: “Fitch’s decision to reaffirm
Sirius’ investment grade BBB credit rating and Stable Outlook is a further endorsement of the resilience
of our business model, the strength of our operating platform and credit metrics, as well as our
disciplined approach to growth and capital allocation.
“Strong support from the listed bond market enabled us to bring our two euro-denominated bonds up
to benchmark €500 million size each in June, providing attractive financial leverage at a cost well below
the yields generated by our portfolio. This further demonstrates the strength of our financial model and
its ability to deliver double-digit returns to shareholders.
“We continue to deliver strong organic rental growth and invest selectively in assets where our active
management capabilities can create value. We remain focused on maintaining a strong balance sheet
and operating within our stated leverage parameters while pursuing further growth opportunities across
Germany and the UK.”
Ends
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+44 (0) 20 3059 0821
FTI Consulting (Financial PR)
Richard Sunderland / 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 31 March 2026, the Group's portfolio comprised 145 assets
let to 10,477 tenants with a total book value of approximately €3.0 billion, generating a total annualised
rent roll of €258.6 million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused
joint venture with BNP Paribas Asset Management 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 at @SiriusRE
JSE Sponsor
PSG Capital
Date: 15/10/2026 08:00:00
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