Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — Investor Day (October 2025)
53 slides from Sirius Real Estate's investor day presentation, Oct 21, 2025
Slide 1: Sirius Investor Day
SIRIUS INVESTOR DAY Hartlebury Trading Estate. Worcestershire 21 OCTOBER 2025 1
Slide 2: Agenda for the day
2 SIRIUS INVESTOR DAY Agenda for the day Welcome 10:15 a.m. Presentations BizSpace Performance Tariq Khader 10:20 a.m. BizSpace Gloucester Vantage Point Follow Up Mo Jiwaji UK Economic Outlook Simon French UK Defence / Industrial Warehousing Angus Fay History of Hartlebury Angus Fay The Transaction
Slide 3: Tariq Khader
3 SIRIUS INVESTOR DAY Tariq Khader Sirius Group CIO SIRIUS INVESTOR DAY
Slide 4: BizSpace Performance
BIZSPACE PERFORMANCE
Slide 5: Setting the scene: BizSpace under Sirius ownership
5 BIZSPACE PERFORMANCE Setting the scene. Bizspace under Sirius ownership At Acquisition Rent Roll +89% EBITDA +120% Portfolio+84%* November 2021 £79m £46m £637m Today’s Sirius acquires Run Rate BizSpace £42m £21m £345m A UK PLATFORM Rent Roll growth EBITDA growth A focus on income and 8 assets disp
Slide 6: Mo Jiwaji
6 SIRIUS INVESTOR DAY Mo Jiwaji Bizspace Commercial Director SIRIUS INVESTOR DAY
Slide 7: Gloucester Vantage Point Follow Up
GLOUCESTER VANTAGE POINT FOLLOW UP
Slide 8: Acquisition of Gloucester Vantage Point
8 BIZSPACE GLOUCESTER VANTAGE POINT FOLLOW UP Acquisition of Gloucester Vantage Point £47m* 10.2% 1.3m sq ft 79% Acquisition NIY Lettable Occupancy (£28 psf) Area BIZSPACE GLOUCESTER VANTAGE POINT FOLLOW UP 60 Multiple Substantial £0.8m Acres Development Opportunities Car Parking Solar income from g
Slide 9: Asset management to date
9 BIZSPACE GLOUCESTER VANTAGE POINT FOLLOW UP Asset management to date Self Storage • In September 2025, 143 boxes across 11,500 sq ft – occupancy 5% Self Storage Mews • We have engaged with planning BIZSPACE GLOUCESTER VANTAGE POINT FOLLOW UP consultants with a view to converting the Mews to reside
Slide 10: Simon French
10 SIRIUS INVESTOR DAY Simon French Managing Director, Chief Economist and SIRIUS INVESTOR DAY Head of Research of Panmure Liberum
Slide 11: UK Economic Outlook
= UKECONOMIC> ~~ OUTLOOK = ae ‘y
Slide 12: Economic Outlook
Economic Outlook prepared for Sirius Real Estate Simon French Chief Economist and Head of Research
Slide 13: 12 months ago (Vantage Point) vs Today (Hartlebury)
12 months ago (Vantage Point) German economic decline Economic stability • Sentiment at 17-year lows • ECB rate cuts, stable inflation • Schuldenbremse & Schwarze Null • €500bn infrastructure investment 120 Vantage Point 100 80 Dax40 S&P 500 60 Oct 2023 Apr 2024 Oct 2024 Apr 2025 Oct 2025 Today (Har
Slide 14: UK Economic Outlook
UK Economic Outlook CONFIDENTIAL 14
Slide 15: UK economy remained resilient despite negative headlines
UK economy remained resilient despite negative headlines… Growth has been the highest in the G7… Slowdowns typically follow big elections… 2,5 GDP GDP per capita 4% 2 1,5 GDP, QoQ % (Real) 3% 1 2,2% 2% Annualised, % 1,7% 0,5 1,4% 1,2% 1% 0,9% 0 0,7% 0% -0,5 -1 -1% -1,5 H1 Next 4Q -2% Average average
Slide 16: Household finances are in good shape
Household finances are in good shape, partly due to elevated saving… Household sector is net cash positive… Cash ISA balances illustrate the caution… £2,4 £2,4 450 Millionen Trillions, £ Bllions, £ £2,2 £2,2 425 400 £2,0 £2,0 375 £1,8 £1,8 350 £1,6 £1,6 325 300 £1,4 £1,4 Q2 2008 Q3 2012 Q4 2016 Q1 2
Slide 17: Business confidence is a split picture
Business confidence is a split picture between large companies and SMEs… 1,5 2,0 Consumer Confidence z-score 1,0 1,0 Business confidence z-scores 0,0 0,5 -1,0 0,0 -2,0 -0,5 -3,0 -4,0 -1,0 Q2 2015 Q2 2020 Q2 2025 Personal Major Economic Savings Finances Purchases Outlook Index Lloyds Bank Average of
Slide 18: The Budget
PANMURE LIBERUM DELIVERING EXCELLENCE CONFIDENTIAL,
Slide 19: The context to the Budget
The context to the Budget… Limited headroom left in March 2025 • £9.9bn is less than 1% of UK public spending Productivity continues to disappoint • A longstanding issue is coming to a head Policy U-turns have eliminated headroom • WFP, PIP reforms were dropped by the government 19
Slide 20: The Budget is another event for the UK to navigate
The Budget is another event for the UK to navigate… Leaving headroom of <1% of public Additional funding pressures of £28bn… spending was always risky… 75 15 Current Budget, £bn by 2029/30 10 9,9 Headroom vs primary debt rule, £bn 50 5 0 -5 25 -18 -10 -6,5 -15 0 -3,5 -18,1 -20 Oct 18 Jun 10 Mar 11 M
Slide 21: A productivity downgrade is probable
A productivity downgrade is probable, the quantum is unknown… Optimistic productivity growth is at odds Media speculation will remain rife… with recent data… 110 105 Output per hour 100 95 Q1 2015 Q1 2020 Q1 2025 Q1 2030 Output per Hour (Q4 2019=100) 21
Slide 22: Asymmetric inflation has necessitated a UK rate pause
Asymmetric inflation, driven by public policy, has necessitated a UK rate pause… The inflection higher in consumer prices makes the UK Despite this, the refinancing headwind has eased… an outlier… 7 2,5 12% 6 2 10% 5 1,5 8% Interest Rate, % 4 1 6% 3 0,5 4% 3,8% 2 0 2% 2,3% 1 -0,5 0% 0 -1 2005 2010 2
Slide 23: Across the UK curve there are different influences
Across the UK curve there are different influences…. Short dated yields have pulled back… Longer dated yields have remained high… 6 6 5 5 4 4 2Y yields 3 3 10Y yields 2 2 1 1 0 0 -1 -1 2015 2020 2025 2015 2020 2025 G7,ex UK UK G7, ex UK UK 23
Slide 24: UK yields driven by balance sheet divestment and pension changes
UK yields driven by choices over balance sheet divestment, and pension changes… UK debt sales have recently been more aggressive Long-dated yields influenced by structural shift in UK than in Europe, the US… pension structure… 6 225 5 CB balance sheet (Jan 2020=100) 200 175 4 150 3 30Y yields, % 125
Slide 25: Questions
PANMURE LIBERUM DELIVERING EXCELLENCE Questions
Slide 26: Angus Fay
26 SIRIUS INVESTOR DAY Angus Fay Major General (Retd) Angus Fay CB. SIRIUS INVESTOR DAY Strategic Defence Advisor
Slide 27: UK Defence: Industrial Warehousing
UK DEFENCE: INDUSTRIAL WAREHOUSING
Slide 28: The defence dividend: a generational opportunity
28 UK DEFENCE / INDUSTRIAL WAREHOUSING The defence dividend. A generational opportunity UK & allied SDR ink now dry → Demand defence spending transformation for industrial & rising at fastest required in logistics capacity pace in decades 2-3 years increasing UK DEFENCE / INDUSTRIAL WAREHOUSING
Slide 29: The orders have landed
29 UK DEFENCE / INDUSTRIAL WAREHOUSING The orders Orders for ships and Fast moving requirements: have landed submarines confirmed munitions and drones Signals long-term Need for supporting UK DEFENCE / INDUSTRIAL WAREHOUSING industrial demand infrastructure
Slide 30: Ammunition & basic supply chain gaps
30 UK DEFENCE / INDUSTRIAL WAREHOUSING Ammunition & basic supply chain gaps Urgent UK Requires increased Need storage need: specific production and logistics ammunition types capacity space UK DEFENCE / INDUSTRIAL WAREHOUSING
Slide 31: MoD storage network is 95% full
318 UK DEFENCE / INDUSTRIAL WAREHOUSING MoD storage network is 95% full and nearing critical capacity UK DEFENCE / INDUSTRIAL WAREHOUSING The current extension by increasing cube density provides only a short-term fix.
Slide 32: 5% capacity remaining
32 UK DEFENCE / INDUSTRIAL WAREHOUSING 5% capacity remaining Gridlock expected within 2 years as system nears critical limit MoD storage network is 95% full and nearing critical capacity UK DEFENCE / INDUSTRIAL WAREHOUSING The current extension by increasing cube density provides only a short-term f
Slide 33: Space & drones are the next scale challenge
33 UK DEFENCE / INDUSTRIAL WAREHOUSING Space & drones 34,000 drones Surging drone numbers signal are the next sharp rise in logistics needs scale challenge 20/40/40 concept Army’s investment plan demands dedicated operational zones UK DEFENCE / INDUSTRIAL WAREHOUSING Expanding space sector Growth in
Slide 34: Germany moves first, UK moves bottom-up
34 UK DEFENCE / INDUSTRIAL WAREHOUSING Germany moves first UK moves with a top-down strategy with a bottom-up approach Germany is financing at scale, The UK follows a bottom-up UK DEFENCE / INDUSTRIAL WAREHOUSING deploying 7,000 AFVs and approach, moving slower and converting factories under a facin
Slide 35: The defence dividend for investors
35 UK DEFENCE / INDUSTRIAL WAREHOUSING The defence dividend for investors UK will reach a tipping point within 2 years 01 Germany is moving faster, securing an advantage 02 UK DEFENCE / INDUSTRIAL WAREHOUSING Industrial real estate is enabler for UK Defence growth 03
Slide 36: History of Hartlebury
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Slide 37: From military logistics to creative enterprise
37 HISTORY OF HARTLEBURY From military logistics to creative enterprise 2025 Commissioned in 1938 as a vital WWII logistics hub, RAF Hartlebury has transformed into DRPG’s home — a hub of creativity across communications, digital, film, and technology. Marking the 75th anniversary of VE Day, the sit
Slide 38: RAF Hartlebury: the logistics hub, 1938-1977
38 HISTORY OF HARTLEBURY RAF Hartlebury – the logistics hub Military Origins 1938–1977 Commissioned in 01 Built for Resilience 1938 as Unit No. 25 Built for air raids with 2ft-thick walls R.A.F. Hartlebury and removable roofs. Key functions: supply of aircraft components – propellers, airframe 02 Pe
Slide 39: Mo Jiwaji & Tariq Khader
39 SIRIUS INVESTOR DAY Mo Jiwaji & Tariq Khader SIRIUS INVESTOR DAY
Slide 40: Commercial Development 1977-2013
40 HISTORY OF HARTLEBURY Transition to industrial and logistics use Commercial Development 1977–2013 Repurposed into 01 Managed by Valad Europe a commercial estate under the Industrial Trust after decommissioning 170+ acres, 180+ units, 85 tenants. Including TNT, FedEx, and Just for Pets 02 Asset ma
Slide 41: Growth and modernisation 2013-2025
41 HISTORY OF HARTLEBURY Growth and modernisation Expansion under Schroders 2013–2025 Acquired May 2013 for 01 Expansion & Scale £46.2m, significant capital Now 130+ tenants across multiple buildings, investment made by ranging from 500 sq ft to 500,000+ sq ft Schroders during their ownership 02 Pre
Slide 42: The Transaction & The Opportunity
THE TRANSACTION & THE OPPORTUNITY 42
Slide 43: Hartlebury
THE TRANSACTION & THE OPPORTUNITY 43 HARTLEBURY THE TRANSACTION & THE OPPORTUNITY
Slide 44: Hartlebury
THE TRANSACTION & THE OPPORTUNITY 44 HARTLEBURY THE TRANSACTION & THE OPPORTUNITY
Slide 45: Acquisition of Hartlebury
45 THE TRANSACTION & THE OPPORTUNITY Acquisition of Hartlebury +18% Area £101m 6.45% 171 Acres +10% Rent Roll Acquisition (£67 psf) NIY 19% Site Coverage post acquisition +8.3 million sq ft portfolio THE TRANSACTION & THE OPPORTUNITY 1.5m sq ft 84% 100+ Lettable Occupancy Customers Area (4.1 year WA
Slide 46: Hartlebury KPIs
46 THE TRANSACTION & THE OPPORTUNITY KPIs 171 acres Site Area 1,455,487 sq ft Lettable Area 340,587 sq ft Industrial Outdoor Storage £7.1m Rent Roll £5.77 Rate THE TRANSACTION & THE OPPORTUNITY 84% Occupancy £6.9m NOI Despite not being the highest bidder, we secured the site 6.45% NIY based on our a
Slide 47: Ambition for the site
47 THE TRANSACTION & THE OPPORTUNITY Ambition for the site Our objective is to move Our approach to unlocking value and realising opportunity at Hartlebury will be as follows: c.£7 million of NOI to Initial Asset Management Refurbishment Development £10 MILLION & Stabilisation of Income THE TRANSACT
Slide 48: Refurbishment
48 THE TRANSACTION & THE OPPORTUNITY Refurbishment There are number of opportunities across the estate to take back units and undertake refurbishments to improve ESG credentials and move headline rents. n Unit 23 – 33k sq ft THE TRANSACTION & THE OPPORTUNITY Before – £3 psf After – £7-8 psf
Slide 49: Development
49 THE TRANSACTION & THE OPPORTUNITY Development The site has a low site coverage of 19%. There are short and long term There are 2 designated development plots: development • Plot 1 – which is currently being re- 2 zoned for employment use opportunities • Plot 2 – longer term development across the
Slide 50: Q&A Session
Q&A SESSION 50 Q&A Q&A SESSION
Slide 51: Real Estate
Real Estate
Slide 52: Rest of the day
52 SIRIUS INVESTOR DAY Rest of the day Lunch 12:15 p.m. Site Tour 12:45 p.m. Coach Departure 2:30 p.m. SIRIUS INVESTOR DAY
Slide 53: - Biz
- Biz >Irlus Space