Wrap Text
Sirius grows U.K. portfolio by c. 20% with £101.1 million acquisition of Hartlebury Trading Estate
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
12 August 2025
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Company" or the "Group")
Sirius grows U.K. portfolio by c. 20% with £101.1 million acquisition of Hartlebury Trading Estate
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 completed the acquisition of
the Hartlebury Trading Estate in Worcestershire for £101.1 million, excluding acquisition costs. The
acquisition is transformational for Sirius' U.K. business which operates as BizSpace, where it will
increase the size of the portfolio by 18% to 8.3 million sq ft, while growing the gross asset value by
approximately 20% and immediately boosting revenues by 10%.
This transaction follows the Company's announcement last week of acquisitions in Dresden and
Bedford and is the ninth business park it has bought in 2025, with a total investment value of
€289.9 million that has added €20 million of net operating income.
The estate currently generates net operating income of £6.9 million from over 100 tenants, with a
WAULT of 4.1 years. It has been acquired with 84% occupancy, with the majority of vacant space either
recently refurbished or newly built, presenting attractive reversionary opportunities. The transaction
reflects an EPRA net initial yield of 6.45% after acquisition costs, while also offering reversion potential
through letting of vacancy and asset management initiatives.
Hartlebury Trading Estate is set on a vast 171-acre site comprising a freehold multi-let industrial park
with approximately 1.5 million sq ft of predominantly warehouse accommodation, alongside 17 acres
of industrial open storage plots. Sirius has already identified a number of opportunities to increase
income, in line with its value-add asset management strategy, including environmentally focused
upgrades in the near term.
With exceptionally low building coverage of just 19% and configured in a way that allows it to be
separated into three separate estates, Hartlebury Trading Estate offers plenty of asset management
opportunity, including benefitting from two development plots that provide further optionality and
longer-term potential to extend.
This well-maintained business park was originally built by the Ministry of Defence as an RAF
maintenance base. In addition to its attractiveness to traditional occupiers, it is therefore also well
suited to defence related businesses.
The asset benefits from a strategic Midlands location to the west of Birmingham and north of
Gloucester, where the 60 acre Vantage Point business park which the Company acquired last year is
located. Hartlebury is 10 miles from the M5 motorway, while a train station adjacent to the northern
entrance of the estate is an attractive proposition for occupiers whose staff can commute easily from
surrounding locations. The region is serviced by Birmingham Airport, the U.K.'s seventh largest airport,
and East Midlands Airport, which is the U.K.'s number one airport for pure freight.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, commented: "The acquisition of
Hartlebury Trading Estate marks a significant and highly strategic milestone for our U.K. BizSpace
platform. Adding over 1.5 million sq ft across 171 acres, this transaction materially scales our U.K.
portfolio and positions us as a leading player in the Midlands region. The estate offers immediate,
robust cash flow from a well-diversified and stable tenant base, while also presenting a number of
opportunities to leverage the combined expertise of the Sirius and BizSpace platforms to enhance
existing revenues and unlock new income streams through hands-on asset management, further
enhancing the yield.
"In 2025 alone, we've secured investments of just under €290 million into income-generating business
parks, bringing a total of €20 million of new initial net operating income into the Group. This
demonstrates our ability to source and execute accretive investments that not only strengthen our rent
roll but also unlock long-term growth potential through development and repositioning initiatives.
"We have now fully allocated the capital from our two equity raises in November 2023 and July 2024,
as well as the corresponding leverage that was unlocked from the May 2024 bond tap and January
2025 bond issuance. Whilst we still have some balance sheet headroom remaining as a result of the
valuation increase we achieved in the last financial year, we are pleased that our capital deployment
has been successful and shareholders will see the effects of the growth and accretion it brings come
through in our second half results and beyond."
ENDS
DISCLOSURE OF TRANSACTION INFORMATION AS REQUIRED BY THE JSE LISTINGS REQUIREMENTS
As the acquisition of the Hartlebury Trading Estate ("Acquisition") constitutes a category 2 transaction
in terms of the JSE Listings Requirements, the following additional information is disclosed.
Detail of seller(s)
British Overseas Bank Nominees Limited and WGTC Nominees Limited, the beneficial owners of
which are Schroders Capital UK Real Estate Fund
Purchase consideration
The cash purchase consideration amounts to £101,137,499.26.
Conditions precedent
The Acquisition is not subject to any remaining conditions precedent.
Effective date of the acquisition
The effective date of the Acquisition is 8 August 2025.
Warranties and other significant terms of the agreement
The agreement contains representations and warranties by the seller in favour of the Company
which are standard for a transaction of this nature.
The property
Details of the property are as follows:
Property Name Geographical Sector Gross Lettable Weighted
and Address Location Area Average Gross
(m²) Rental per
month / m²
The freehold and Worcestershire, Industrial 135,219 £4.26
leasehold U.K.
property known
as Hartlebury
Trading Estate,
Walton Road,
Kidderminster,
DY10 4JB, U.K.
Notes:
a) In addition to the purchase consideration, the costs associated with the acquisition are
estimated at £6.1 million. £525,000 agents commission is payable in respect of the
acquisition.
b) The purchase consideration payable in respect of the rental enterprise (which includes the
property) is considered to be its fair market value, as determined by the directors of the
Company. The directors of the Company are not independent and are not registered as
professional valuers or as professional associate valuers in terms of the South African
Property Valuers Profession Act, No. 47 of 2000, as amended.
Forecast Financial Information of the Acquisition
The forecast financial information relating to the asset purchased in terms of Acquisition for the
financial periods ending 31 March 2026 and 31 March 2027 are set out below. The forecast
financial information has not been reviewed or reported on by an auditor in terms of section 8 of
the JSE Limited Listings Requirements and is the responsibility of the Company's directors.
Forecast for the 8-month Forecast for the 12-
period ending 31 March month period ending 31
2026 March 2026
(€) (€)
Revenue 5,133,265 8,235,135
Operating profit 4,978,377 8,093,018
Net profit after taxation 4,978,377 8,093,018
Distributable profit 4,978,377 8,093,018
Notes:
a) Revenue includes gross rentals and other recoveries but excludes any adjustment applicable
to the straight-lining of leases.
b) Property expenses include all utility and council charges applicable to the property.
c) The forecast information for the 8-month period ended 31 March 2026 has been calculated
from the anticipated transfer date, being on or about 8 August 2025.
d) Contractual rental revenue constitutes 100% of the revenue for the 8-month period ended
31 March 2026 and 100% of the revenue for the 12-month period ended 31 March 2027.
e) There is no uncontracted revenue. No rental guarantee has been provided to Sirius.
f) There is no near-contracted revenue.
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 / James McEwan / Ellie Sweeney
+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 2025, the Group's portfolio comprised 145
assets let to 10,477 tenants with a total book value of over €2.5 billion, generating a total annualised
rent roll of €221.4 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
Date: 12-08-2025 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
