Sirius Real Estate acquires Hamburg business park for EU32 million
Sirius Real Estate Ltd on Thursday said it has acquired a multi-tenant business park in Hamburg, Germany for €31.9 million.
The London and Johannesburg-listed property investor said the purchase terms reflect a European Public Real Estate Association net initial yield of 6.1%.
The business park has a gross lettable area of 29,448 square metres and currently generates €2.2 million in annualised rent roll, the company said.
Sirius Real Estate noted the site is currently 89% occupied, which it said provides ‘a number of value creation opportunities through leasing of vacant space and future development’.
‘The site is also occupied by several smaller tenants whose shorter leases offer potential for upside from their current rental levels and further offers a potential new build opportunity with an existing large tenant,’ the company added.
Chief Executive Andrew Coombs said: ‘The acquisition of our fifth Hamburg business park will generate day one income and offers further significant potential to improve rental tone, grow occupancy and grow revenue through onsite development. Following our acquisition of a business park in nearby Lubeck earlier this year, the asset is another exciting addition to our portfolio in the Hamburg region and wider Northern German area.
‘Due to its strong economy and supportive macro tailwinds, and having made a number of significant acquisitions in the UK in the last couple of years, our main focus going into 2026 will be on seeking attractive investments in Germany, where we have a strong pipeline of opportunities that we are currently exploring.’
Shares in Sirius Real Estate were marginally higher at 97.34 pence on Thursday morning in London. In Johannesburg, its shares were down 0.1% to R 22.28.
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