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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
5 October 2026
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the "Company")
Trading Update for the half year ended 30 September 2026
Sirius continues to drive rent roll growth achieving 11.3% increase in overall rent roll, with
5.1% coming from like-for-like rent roll growth
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 the six months ended 30 September 2026.
The Group achieved 11.3% rent roll growth year on year, driven by a mix of acquisition and
organic growth. The Group has continued to deliver strong organic growth, with like-for-like
rent roll increasing by 5.1% year on year. Germany and the U.K. performed at broadly similar
levels of organic growth, whilst the acquisitive growth was centred on Germany. This high level
of operating performance endorses the value of our unique, vertically integrated business
platform and its ability to continue to operate successfully in two major economies despite the
current challenging macroeconomic and geopolitical environment.
In Germany, the business traded robustly during our seasonally weaker first half, achieving
like-for-like rent roll growth, as well as occupancy and rate growth, driven by renewal uplifts,
new tenant demand and careful management of tenant churn. We are well positioned to
continue delivering growth in the second half.
In the U.K., performance was again inspired by disciplined execution by the Group's operating
platform, with a focus on capturing the asset management potential within the portfolio,
including from the transformational acquisitions made last year. Tenant enquiries and sales
have remained resilient, emphasising the value of our defensive and affordable offering to our
SME tenant base.
During the period, the Group deployed approximately '150 million into asset acquisitions at
gross yields of more than 8%, with a particular focus on those anchored by defence-related
occupiers, providing us with further exposure to what remains a conviction sector, given the
highly supportive tailwinds that are driven by rearmament programmes across Europe.
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 manufacturer, respectively.
These assets enhance the Group's exposure to locations supported by the growing
requirements of the defence sector, where Germany intends to increase its military spending
from '54 billion in 2022 (1.5% of GDP) to '180 billion in 2030 (3.5% of GDP), as well as
releasing a '500 billion ten-year infrastructure fund. Early signs of this spending saw month-
on-month manufacturing order volumes, in particular for ships, rail and aircraft, jump by
126.4% in July 2026.
In line with our ambitions to grow our self-storage business in Germany, the Group also
acquired a strategically located parcel of land adjacent to its existing Potsdam site near Berlin,
providing potential for future self-storage development. We are also developing our first
standalone self-storage store at Berlin Gartenfeld, as well as a new low-cost industrial storage
concept on vacant non-income producing land at our Hanover site, both of which offer
compelling growth opportunities on spare land within our portfolio.
In the U.K., we have continued to optimise the estate through the disposal of two smaller sites
in the Sheffield area. We will maintain a disciplined approach to rationalising the portfolio, with
a primary focus on some of our smaller mature U.K. assets in order to recycle capital into
larger assets with greater value add opportunities in line with our traditional industrial park
model.
Our acquisition pipeline remains strong and we will remain disciplined in our allocation of
capital into opportunities that can meet our ambitious double-digit return targets. We await
further news from the new U.K. cabinet on its economic growth plans in the Autumn budget
later this month, but expect the base effects of the U.K.'s high energy prices to pass through
in early 2027, and, barring any further geopolitical shocks, anticipate a more benign
environment for the U.K. business going into our FY 2028.
The Group successfully repaid its '400 million corporate bond at maturity in June 2026. This
followed the successful completion of in aggregate '185.1 million of taps of its 2028 and 2032
corporate bonds, taking each series to '500 million benchmark size and further strengthening
the Group's funding flexibility. The Group retains more than '250 million of liquidity to support
future growth opportunities.
Commenting on trading during the period, Andrew Coombs, Chief Executive Officer of
Sirius Real Estate, said:
'Sirius has delivered a strong period of double digit rent roll growth, nearly half of which has
been organic, adding to the Group's exceptional long-term track record of delivering growing
returns for shareholders at rates consistently and materially ahead of GDP and inflation. These
outcomes demonstrate the resilience and idiosyncratic strength of our operating platform,
which continues to drive rental growth through active asset management and close
engagement with our occupiers.
'Alongside the organic growth performance, we continue to grow acquisitively, deploying
approximately '150 million into acquisitions during the period, including the defence-focused
Kiel and Fulda sites. Our diversified portfolio, vertically integrated platform and disciplined
approach leave us well positioned to drive returns across our existing and recently acquired
assets, while continuing to recycle mature and non-core assets in favour of value-add
opportunities.
'Whilst bond and equity markets are challenging at the moment, these results show the
business model is robust, with confidence in the Company's long-term prospects reflected
through strong management alignment with shareholders. Sirius has a net portfolio yield of
over 7%, with a weighted average cost of debt at 3.5%. While costs of debt may rise, we
remain fully confident in our operating platform's ability to continue to deliver double digit total
accounting returns and exhibit the type of fundamental and asset valuation resilience we have
achieved through the meaningful interest rate rises and market volatility of recent years.
'Overall, we remain confidently positioned to continue to compound our income, grow our well
covered dividend and deliver further long-term value for shareholders.'
Half Year Results
Sirius will announce results for the six months ended 30 September 2026 on Monday,
16 November 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.
Note: Group rent roll has been translated utilising a constant foreign currency exchange rate
of GBP:EUR 1.1701, being the closing exchange rate as at 30 September 2026.
End
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: 05/10/2026 08:00:00
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