Sirius Real Estate LimitedLSE: SRE

Year End Presentation 2026 (sirius real estate full year results presentation mar 2026)

· Issued by Sirius Real Estate Limited
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March 26

Dresden,Germany



Chalcroft, UK



  • Industrial, mixed use business parks, offices and self storage in Germany (74%) and the UK (26%)

  • Higher yield assets (7.3% net yield) with affordable rental levels (€8.98/sqm) offer sustainable income growth and value add opportunity

  • Tenured and shareholder aligned senior management team with a service provider and value maximising mindset

  • Unique, integrated and localised operating platform offers competitive advantage - efficient tenant management, flexible leasing solutions and local market knowledge

  • Flexible balance sheet (6.6x Net Debt/EBITDA, 2.5% CoD)

  • Resilient and growing operating performance through economic cycles with consistently high like-for-like rental growth and occupancy gain

  • Maintained and grown asset values through the changing interest rate environment and wider macro volatility

  • Significant long-term outperformance of the real estate peer group by shareholder total return and earnings, dividend and net asset value growth metrics

  • Halfway to dividend aristocracy - 12.5 years of growing shareholder distributions

  • Strategy of acquiring assets that generate income and offer asset management potential, with value-add opportunities across two thirds of the portfolio

  • Meaningful strategic external growth opportunities, with a bias to Germany and expertise to capture opportunity from the new European defence investment super-cycle

  • Capital recycling where value creation becomes exhausted and change of use where land values can be materially improved

  • A clear path from €125m FFO to €175m FFO



    Cents per share

    4.0

    3.0

    2.0

    1.0

    0.0

    0.77 0.84 0.84

    0.30

    Dividend Growth 2014 to 2026

    1.30 1.39 1.53 1.56 1.60 1.63 1.73 1.77 1.80 1.82

    1.98 2.04 2.37

    2.70 2.98 3.00 3.05 3.06 3.09 3.18

    3.22

    14 H2 15 H1 15 H2 16 H1 16 H2 17 H1 17 H2 18 H1 18 H2 19 H1 19 H2 20 H1 20 H2 21 H1 21 H2 22 H1 22 H2 23 H1 23 H2 24 H1 24 H2 25 H1 25 H2 26 H1 26 H2

    Year

    10%

    8%

    6%

    4%

    2%

    0%

    5.6%

    6.0%

    5.1%

    6.2%

    7.1%

    6.1%

    5.2%

    6.4%

    7.7% 7.2%

    6.3% 6.4%

    600

    500

    400

    300

    200

    100

    0

    FTSE 250

    FTSE EPRA Developed Europe



    SRE UK line

    Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26



  • 78 sites, clustered around the edge of all 7 major cities

  • 7,436 tenants across those sites

  • Ranging from blue chips to 100's of SME's

  • €2.2bn gross asset value

  • €165.2m rent roll

  • Occupancy of 85.5%

  • Valued at a 6.8% net yield

  • Organic growth centred on

    • asset management

    • recycling capital into new acquisitions

    • capex investment programme

  • 76 sites around the edge of all major cities

  • 4,300 tenants

  • Typically flexible terms, with higher rate in return for flexibility

  • £658.9m gross asset value

  • £81.1m rent roll

  • Occupancy of 91.7% *

  • Valued at a 8.7% net yield

  • BizSpace acquired in November 2021

    - focus since then on improving quality of income

  • 94% increase in Rent Roll delivered & 132% increase in EBITDA since acquisition

  • 13 sites acquired since acquisition, growing GAV by £313m

* Excluding Vantage Point



FFO: €133.5m | +8.4% (Mar 2025: €123.2m)

PBT: €211.4m | +4.9% (Mar 2025: €201.6m)

LFL YoY Rent Roll Growth Group: 6.4%

Germany: 7.3%

UK: 4.6% *

LFL YoY Occupancy

Germany:

86.5%

1.1%

UK:

91.7% *

0.8%

* Excluding Vantage Point

Total Accounting Return: 10.2%

Adjusted NAV per share: 124.78c

5.0%

FFO per share: 8.82c

4.5% *

Dividend per share: 6.40c

4.1%

Group Net Yield 7.3%

Germany: 6.8%

UK: 8.7%

c.€513m

Invested in acquisition programme

>€410m

Cash Reserves (>€372m unrestricted)**

3.2 years

Weighted Average Debt Expiry

** The Group's cash reserves are elevated primarily due to funds being held in preparation for the repayment of the €400 million bond maturing in June 2026



€ m

200

175

150

125

100

75

50

(8.0)

8.0

133.0

18.0

Realised 31.03.26 Capex investment Let up of vacant

space

16.0

9.0

3.0

Pricing - Germany Pricing - UK Other asset

management Initiatives

20.0

Acquisitions Increased Overheads

(24.0)

Addn'l Interest Expense

175.0

Mid Term Ambition

  • €18.0m contribution relating to capex

    investment programmes in Germany & UK

  • €8.0m contribution from the let up of vacant space in Germany & UK

  • €16.0m of pricing initiatives in Germany

  • €9.0m of pricing initiatives in UK

  • €3.0m other asset management initiatives

  • €20.0m from full year effect of acquisitions

  • €(8.0)m overhead expense increases factored in

  • €(24.0)m interest expense increases

    • Defence related assets owned totaling €200m with an ambition to increase to €500m

    • Self-Storage annual revenue totaling €6.7m with an ambition to get to €15m

factored in



€m

16.0

ROAD TO €15M IN SELF STORAGE REVENUE

2.2

15.0

2.3

2.1

0.6

0.5

6.2

0.5

0.6

14.0

12.0

10.0

8.0

6.0

4.0

Existing MyLager (DE) Existing BizSpace (UK) Occupancy

Improvement

Rent Review

Potential

New Ancilliary

Sales

New Internal Space

(Sirius + Bizspace)

New Mylager Purpose

Built Development

New UK Development/

Conversion

Total



|



Purchase price - €m

SQMs

Occupancy

Vacancy - sqm

Rent - €m

NOI - €m

Gross Yield * % of rent from

defence sector

Bedford (UK) 18.6

22,127

96%

885

2.1

1.8

11.9%

33%

Munich - Feldkirchen (DE) 43.7

27,180

94%

1,631

3.5

3.4

8.0%

69%

Kiel (DE) 93.4

78,170

98%

1,563

7.8

7.0

8.3%

42%

Fulda (DE) 49.8

57,771

100%

0

3.9

3.6

8.4%

99%

TOTAL 205.5

185,248

98%

4,079

17.3

15.8

8.9%

60%

Bedford, UK

Feldkirchen, Germany

Kiel, Germany

Fulda, Germany







* Gross Yields calculated on net purchase price



MAR 26

MAR 25

MOVEMENT

€m

€m

%

€m



239.8

215.3

+11.4%

24.5

Titanium income

8.0

8.7

(0.7)

Service charge irrecoverable costs

(29.8)

(25.8)

(4.0)

Non-recoverable maintenance

(10.3)

(8.4)

(1.9)



207.7

189.8

+9.4%

17.9

Corporate costs and overheads

(49.4)

(48.0)

(1.4)



158.3

141.8

+11.6%

16.5

Net finance expense

(23.0)

(11.8)

(11.2)

Current tax (excluding tax on disposals)

(1.8)

(6.8)

5.0



133.5

123.2

+8.4%

10.3

Adjusting Items

(34.5)

(9.1)

(25.4)

Add back current taxes

1.8

6.8

5.0

Surplus on revaluation of investment properties

110.6

80.7

29.9



211.4

201.6

+4.9%

9.8





13.71 (3.27)

(1.62)

8.82

(0.74)

(0.65)

7.43

6.40

8.08

14

12

Cents per share

10

8

6

4

2

NOI Overheads Interest and

current tax

FFO Adjusting items Adjusted Earnings

after Tax

EPRA

adjusting items *

EPRA Earnings Dividend

Note: All items in the chart above are calculated on the weighted average number of shares in issue during the period (1,514,459,087)

Adjusting items include adjustments relating to depreciation, amortisation of intangible assets and finance facility fees, IFRS 16 and foreign exchange effects.

* EPRA adjusting items include adjustments relating to the impact on earnings of the cost associated with share awards, foreign exchange effects and non-recurring items.



25th



MAR 26

MAR 25

MOVEMENT

€m

€m

%

€m



Investment properties (owned assets)

2,969.4

2,465.2

21%

504.2

Investment properties (leased assets)

21.1

22.9

(8%)

(1.8)

Investment in associate

75.2

71.2

6%

4.0

Plant and equipment

*20.9

*19.5

7%

1.4

Trade and other receivables

**63.6

89.1

(29)%

(25.5)



Cash and cash equivalents

410.2

604.8

(32)%

(194.6)

3,560.4

3,272.7

9%

287.7

Trade and other payables

(130.8)

(117.7)

11%

(13.1)

Interest bearing bank loans

(1,419.2)

(1,319.0)

8%

(100.2)

Lease liabilities

(32.1)

(36.0)

(11%)

3.9



Current & Deferred tax liabilities

(86.8)

(110.4)

(21)%

(23.6)

(1,668.9)

(1,583.1)

5%

(85.6)

1,891.5

1,689.6

12%

201.9



119.71c

112.29c

7%

7.4c



124.78c

118.89c

5%

5.9c



122.71c

117.61c

4%

5.1c

* Includes intangible assets of €1.6m

** Includes €8.9m Right of use assets, €2.2m of deposits and deferred tax assets of €4.1m





MAR 26

MAR 25

CHANGE

Annualised Rent Roll

€165.2m

€140.2m

17.8%

Annualised Rent Roll (LFL)

€150.4m

€140.2m

7.3%

Occupancy (LFL)

86.5%

85.4%

1.1%

Rate psm (LFL)

€7.94

€7.50

5.9%

Move-Ins*

232,064sqm

206,477sqm

12.4%

Move-Ins Rate psqm*

€8.70

€8.36

4.1%

Move-Outs Rate psm*

€8.03

€8.00

0.4%

Move-Outs*

214,804sqm

180,477sqm

19.0%

* excluding acquisitions & disposals

Feldkirchen, GERMANY





€m

170

160

150

140

14.8 165.2

6.6

150.4

140.2

19.1

5.2

(20.7)

130

120

110

100

LFL Mar 25 LFL Move-outs LFL Capex Move-ins LFL Move-ins LFL uplifts LFL Mar 26 Acquisitions Total Mar 26





Total Investment: Date of Completion: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

€23.4m Sep 2025

9.6%

9.1%

€1,106 100%

Opportunity

Prime location within Dresden (Silicon Saxony). Short-term cash flow and premium vacancies providing strong value-add potential.

Total Investment: Date of Completion: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

€12.9m Aug 2025

10.2%

9.3%

€744

100%

Opportunity

Strategic location near Dutch border and Aachen metropolitan region. Located near major NATO base

Total Investment: Date of Completion: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

Opportunity

€17.2m Jul 2025

15.2%

8.2%

€243

66%

Close to the major economic hubs of

Germany's North Rhine-Westphalia state. Significant value-add potential to grow occupancy and improve ERV´s as well as service charge recovery.



Gross Yields calculated on net purchase price





Total Investment: Date of Completion: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

€43.7m Nov 2025

8.2%

7.8%

€1,608

94%

Opportunity

Secure long-term cash flow anchored by a defence-related tenant.

Strong industrial location in Munich, Germany's

prime industrial hub.

Total Investment: Date of Completion: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

€93.4m Apr 2026

8.9%

8.2%

€1,197

98%

Opportunity

Defence anchored asset predominantly let to Rheinmetall, Germany's largest defence company. Port adjacent location on the Northern coast leading directly into the Baltic Sea.

Total Investment: Date of Notarisation: Gross Yield:

EPRA Net Yield: Capital value sqm: Occupancy:

€49.8m May 2026

8.4%

7.8%

€863

96.2%

Opportunity

Defence related asset with strong covenant, single tenant and income secured for 5.4 years.



Gross Yields calculated on net purchase price





Organic growth plan focused on investment into Value-Add Assets



Value-Add 1,415.7 111.8 98.3 ** 7.9% 6.9% 928 81.9% 7.61 271,102

Mature 794.9 53.4 51.2 6.7% 6.4% 1,357 95.0% 8.31 27,911



* Friedrichsdorf & Bonn II moved from Mature to Value Add and Frankfurt I & Klipphausen moved from Value Add to Mature

** Includes €3.2m of non-recoverable service charge from DDS contracts due to vacant space

*** Includes assets held for sale (Pfungstadt)





München Neuaubing, Germany



€48.8m

Germany €32.4m UK €16.4m

Group: €24.4m

Germany: €15.6m

UK: €8.8m

Group: €0.7m

Germany: €0.7m

UK: €0.0m

Hallbergmoss, Germany

Group: €2.2m

Germany: €2.2m

UK: €0.0m

Group: €21.5m

Germany: €13.9m

UK: €7.6m

Göppingen, Germany

Dresden III, Germany





BUDGET

ACHIEVED TO DATE



Sqm Developed

257,282

257,282

Sqm Renewed

211,436

Investment €m

33.8

29.2

Investment €m

4.86

Investment psm €

131

113

Incremental Rent Improvement

2.74

Rent Improvement €m

12.8

11.2

ROI %

56%

Occupancy

91%

80%

Rate psm €

4.56

4.52 ▪ Investment to facilitate re-gearing of leases on beneficial terms

ROI %

38%

38%

  • Investments into poor quality vacant space and upgrading of space returned each year as a result of move outs

  • Occupancy expected to reach budgeted levels once the spaces are let up, especially for projects recently completed

  • Average rate for space that is let is already above budget

  • Examples

Nabern I:

€0.5m capex

lease end from Mar-25 to Mar-31

rate from €5.08 to €7.03

incremental rent roll of €0.42m (85% ROI)

Göppingen:

€0.2m capex

lease end from Dec-25 to Jun-29

rate from €3.27 to €4.49

incremental rent roll of €0.22m (93% ROI)





SQM



INVEST-

MENT

RENT

IMPROVEMENT

RATE PSM

BUDGETED

RATE PSM

ACHIEVED

OCCU-

PANCY

YIELD ON

COST

VALUE

UPLIFT*

IRR



SQM

INVEST-

MENT

RENT

IMPROVEMENT

RATE PSM

BUDGETED

RATE PSM

ACHIEVED

OCCU- YIELD ON

PANCY COST

VALUE

UPLIFT*

IRR

€M

€M

€

€

€M

%

€M

€M

€

€

€M

%



COMPLETED 3,962

7.0

0.6

10.78

13.41

100%

9%

3.0

21%



IN PROGRESS

10.426

20.2

1.8

14.42

-

- 9%

7.3

19%

PIPELINE

9,276

8.8

0.9

8.50

-

- 11%

3.8

22%

Berlin Gartenfeld Hall A

Berlin Gartenfeld Hall B

Berlin Gartenfeld Hall C

Hannover XXL Storage







Hamburg Newbuild Vergölst



Dresden Building 106



Berlin Gartenfeld Self Storage



* Defined as Valuation - Capex



Annualised Rent Roll

£81.1m

£67.9m

19.5%

Annualised Rent Roll (LFL)

£64.1m

£61.3m

4.6%

Occupancy (LFL)*

91.7%

90.9%

0.8%

Rate psqft (LFL)*

£14.47

£13.92

4.0%

Move-Ins *

701,402sqft

733,467sqft

(4.4%)

Move-Ins Rate psqft *

£16.47

£16.30

1.0%

Move-Outs Rate psqft *

£18.51

£16.87

9.8%

Move-Outs *

671,392sqft

721,900sqft

(7.0%)

* All figures exclude Vantage Point.

Notes: Rate at Nov 21 acquisition was £10.98.

Reported occupancy change excludes +1.9ppt from existing customer expansions.

Hartlebury, UK





£m

90.0

80.0

70.0

60.0

50.0

12.1

62.0

61.3

3.7

4.9

11.6

64.1

(0.7)

(12.5)

81.1

40.0

30.0

20.0

10.0

0.0

Total Mar 25 Disposal LFL Mar 25 LFL Move-outs LFL Move-ins LFL Uplifts LFL Mar 26 Vantage Point Business Village Acquisitions Total Mar 26





£157m in three assets acquired during the financial year 2025/2026

Acquisition Price: Date of Acquisition: Gross Yield:

EPRA Net Yield: Capital value sq ft: Occupancy:

£15.3m Aug 2025

11.9%

9.5%

£64

96%

Opportunity

Highly occupied multi-let business park with meaningful reversionary and asset management opportunities

Acquisition Price: Date of Acquisition: Gross Yield:

EPRA Net Yield: Capital value sq ft: Occupancy:

£101.1m Aug 2025

7.0%

6.5%

£69

84%

Opportunity

Large, transformational estate with opportunity to re-gear leases and grow occupancy

Acquisition Price: Date of Acquisition: Gross Yield:

EPRA Net Yield: Capital value sq ft: Occupancy:

£40.5m Sep 2025

5.1%

5.5%

£103

80%

Opportunity

Predominately industrial asset with potential to grow occupancy further







Three disposals all completed at or above book value at a total collective premium to book value of 5.0%, with proceeds recycled into the acquisition of eleven sites offering significant opportunities for value creation from >75,000 sqm of vacant space.

DATE

TOTAL INVESTMENT

€m

SQM

ANNUALISED RENTAL INCOME

€m

ANNUALISED NOI

€m

OCCUPANCY

GROSS* YIELD



Munich Neuaubing II (DE)

Apr-25

13.3

10,107

0.8

0.5

71%

5.9%

Reinsberg (DE)

Apr-25

22.1

36,936

1.5

1.3

76%

7.4%

Mönchengladbach (DE)

Jul-25

17.2

70,899

2.4

1.4

66%

15.2%

Lübeck (DE)

Jul-25

12.6

14,810

1.1

1.0

88%

8.9%

Geilenkirchen (DE)

Aug-25

12.9

17,317

1.2

1.2

100%

10.2%

Bedford (UK)

Aug-25

18.8

22,127

2.6

2.4

96%

11.9%

Hartlebury (UK)

Aug-25

124.1

135,218

8.2

8.0

84%

7.0%

Chalcroft (UK)

Sep-25

50.0

36,565

2.5

2.4

80%

5.1%

Dresden III (DE)

Sep-25

23.4

21,158

2.1

2.1

100%

9.6%

Feldkirchen (DE)

Nov-25

43.7

27,181

3.5

3.4

94%

8.2%

Hamburg (DE)

Jan-26

31.9

29,448

1.9

1.9

89%

7.2%

Kiel (DE)

Apr-26

93.4

78,170

7.8

7.0

98%

8.9%



Fulda (DE)

May-26

49.8

57,771

3.9

3.6

96%

8.4%

513.2

557,707

39.6

36.4

86%

8.2%

DATE

TOTAL SALES PRICE

SQM

ANNUALISED RENTAL INCOME

ANNUALISED NOI

OCCUPANCY

GROSS

€m

€m

€m

YIELD





Pfungstadt (DE)

May-25

30.0

33,452

2.4

2.2

89%

7.9%

Huddersfield - Linthwaite (UK)

Aug-25

1.8

2,365

0.2

0.2

84%

11.6%



Sunderland (UK)

Mar-26

1.4

5,001

0.5

0.2

81%

33.0

33.2

40,817

3.1

2.6

88%

9.3%

* Acquisitions Gross Yield calculated as Annualised Rental Income/Net Purchase Price

** The Group also acquired an adjacent building to its Consett (UK) site for €0.5m





  • FFO growth of 8.4% to €133.5m compared to same period to Mar 25

  • 6.4%* increase in annualised LFL Group rent roll (18.4%* Total Rent Roll) with Germany

    and the UK increasing by 7.3% and 4.6% respectively

  • Our most active year to date for acquisitions: €513.2m notarised or completed

  • A clear strategic focus on our core German and UK businesses together with increasing revenues from the Defence Self Storage sectors

  • 25th consecutive dividend increase of 4.1%; increase in dividend to 6.40c

  • >€710m of cash & undrawn facilities at year end (>€672m unrestricted)

  • Net LTV of 36.1%

  • Acquisitions of Kiel (completed @ €93.4m) and Fulda (notarised @ €49.8m) post year end

  • Weighted average cost of debt 2.5% and debt expiry to 3.2 years

    Dresden, Germany

    Basingstoke, UK

    Reinsberg, Germany

    Vantage Point, UK

    * The Company has chosen to disclose certain Group rental income figures utilising a constant foreign currency exchange rate of GBP:EUR

    1.1516, being the closing exchange rate as at 31st Mar 2026

    Frankfurt, Germany Geilenkirchen, Germany



  • The UK business suffered a weak Q3 with political instability affecting business

    confidence

  • However, the UK ended the financial year with strong momentum which has continued into April and May.

  • The year finished strongly in both Germany and the UK and we have seen continued strong trading in both countries despite macro instability

  • Germany LFL growth continues to demonstrate the strength of our operating platform

  • The group continues to assess further growth prospects in both Germany and the UK

    on an opportunistic basis, including recycling of mature assets and the acquisition of

    Dresden, Germany

    Basingstoke, UK

    value-add opportunities

  • Future growth will be propelled by current operational momentum together with recent acquisition activity with those acquisitions containing significant value-add potential

    Feldkirchen, Germany Finsbury Park, UK

    Hamburg, Germany Nekartenzlingen , Germany





  • Self Storage - Germany & UK Appendix I (P. 28 - P. 37)

    • New projects & Historic case studies

  • Defence Related Assets - Germany & UK Appendix II (P. 38 - P. 43)
  • Valuations - Germany & UK Appendix III (P. 44 - P. 47)
  • Market Dynamics and Portfolio | Germany Appendix IV (P. 48 - P. 53)
  • Market Dynamics and Portfolio | UK

    Appendix V (P. 54 - P. 57)

  • Portfolio Growth Appendix VI (P. 58 - P. 66)
  • Geographical Split and Financials

    Appendix VII (P. 67 - P.69)

    • Consolidated income statement

    • Consolidated statement of financial position

  • ESG

    Appendix VIII (P. 70 - P. 71)

    • Our ESG Journey

  • Titanium

    Appendix IX (P. 72 - P. 76)

    • Total investment property value of €365.8m

  • Financing

    Appendix X (P. 77 - P.80)

    • Debt Maturity

    • Covenants

  • Sirius Group Platform Appendix XI (P. 81 - P. 83)

    • Integrated platform

  • Share Register

    Appendix XII (P. 84 - P. 85)

  • Case Studies

    Appendix XIII (P. 86 - P. 92)

    • Fellbach

    • Neuaubing





Berlin, Germany



€m

16.0

ROAD TO €15M IN SELF STORAGE REVENUE

2.2

15.0

2.3

2.1

0.6

0.5

6.2

0.5

0.6

14.0

12.0

10.0

8.0

6.0

4.0

Existing MyLager (DE) Existing BizSpace (UK) Occupancy

Improvement

Rent Review

Potential

New Ancilliary

Sales

New Internal Space

(Sirius + Bizspace)

New Mylager Purpose

Built Development

New UK Development/

Conversion

Total



|



Asset

Region

Rent Roll

Total Sqm

Occupied Sqm

No. Of Customers

Occupancy

H

CENTRAL

372,912

2,160

1,605

210

74%

I

CENTRAL

247,808

1,569

1,216

113

78%

L

CENTRAL

232,196

1,154

1,021

128

88%

J

CENTRAL

214,389

1,356

976

104

72%

O

CENTRAL

238,283

1,649

1,081

140

66%

D

CENTRAL

173,699

1,468

791

107

54%

Y

CENTRAL

248,541

1,339

1,075

184

80%

T

CENTRAL

148,011

853

817

38

96%

C

NORTH EAST

270,955

1,540

1,226

131

80%

V

NORTH EAST

254,142

2,196

1,443

86

66%

B

NORTH EAST

164,547

1,789

1,061

76

59%

A

NORTH EAST

149,285

574

552

73

96%

P

NORTH EAST

143,848

781

600

62

77%

E

SOUTH

878,253

4,164

3,034

285

73%

R

SOUTH

461,476

2,077

1,652

208

80%

K

SOUTH

255,312

1,061

974

112

92%

M

SOUTH

235,938

1,277

1,248

67

98%

U

SOUTH

152,440

850

506

59

60%

X

SOUTH

165,211

919

857

27

93%

S

SOUTH

164,598

1,155

764

84

66%

G

WEST

341,214

2,407

1,597

160

66%

F

WEST

216,456

877

797

141

91%

N

WEST

177,931

3,162

1,019

75

32%

W

WEST

111,025

969

667

46

69%

Q

WEST

65,680

405

277

46

68%

6,084,149

37,751

26,856

2,762

71%



  • Proven Market Traction: Scaling from an established base of over 5,000 existing customers with a robust framework for substantial long-term growth.

  • Strategic AI Integration: Deploying specialist self-storage AI systems to automate operations and drive structural efficiencies.

  • Digital Transformation: Successfully migrated >70% of German self-storage revenues to a fully automated, online sales platform.

  • Frictionless Sales: Eliminated the requirement for direct salesperson intervention, enabling 24/7 autonomous customer acquisition.
  • Performance Gains: Already delivering measurable improvements in both transaction speeds and sales conversion rates.
  • Dynamic Pricing: Embedded capability to execute seamless, automated price uplifts across the existing customer base instantly.

  • 5x Scalability: Architecture built to support expansion to 25,000+ customers seamlessly.

  • Margin Expansion: Increased capacity achieved alongside enhanced transaction speeds, higher conversion rates, and optimised operational

    overheads.



    SQM

    INVESTMENT

    RENT IMPROVEMENT

    RATE PSM BUDGETED

    YIELD ON COST

    IRR

    €M

    €M

    €



    Gartenfeld Self Storage

    5,200

    10.8

    1.2

    20.0

    11.5%

    23%



    • Purpose Built Self Storage Facility on existing site using surplus land

    • 900 Units spread over 5,200sqm

    • Existing tenants on site will be transferred to new facility creating further asset management opportunities in vacated space

    • Located in area of significant residential development

    • Expected Completion: Mar'27





      SQM

      INVESTMENT

      RENT IMPROVEMENT

      RATE PSM BUDGETED

      YIELD ON COST

      IRR

      €M

      €M

      €



      Potsdam

      5,600

      12.8

      1.3

      20.0

      10%

      15%

      • Purpose Built Self Storage Facility on land

        adjacent to existing site

      • 800 Units spread over 5,600 sqm

      • Expected Completion: Mar'28





      SQM

      INVESTMENT

      RENT IMPROVEMENT

      RATE PSM BUDGETED

      YIELD ON COST

      IRR

      €M

      €M

      €



      Luton

      5,400

      11.4

      1.2

      26

      10.7%

      16%



    • Conversion of recently acquired site into self storage facility

    • 750 Units spread over 5,400 sqm

    • Expected Completion: Mar'27





      MUNICH - NEUAUBING

      • Self Storage First Opened 2009

      • 277 Customers / 88% Occupied / All-in €24.47

        per SqM Rate achieved

      • Conversion of industrial space into high yielding and highly occupied self storage

      • Invested Capital: €195k

      • Annualised rate of return: 390%



BERLIN - GARTENFELD

  • Self Storage First Opened 2013

  • 130 Customers / 70% occupied / All-in €21.87 per Sqm Rate achieved

  • Converted industrial space within existing building, now repositioning to a new purpose-built building on the front of this very prominent location to open in March 2027.

  • Invested Capital: €483k

  • Annualised rate of return: 56%



    OFFENBACH

    • Self Storage First Opened 2014

    • 300 Customers / 70% occupied / All-in

      €19.00 per SqM Rate achieved

    • Conversion of Industrial/Office space.

    • Invested Capital: €223k

    • Annualised rate of return: 164%



Feldkirchen, Germany



  • We have been signaling the defence opportunity since October 2024, coinciding with President Joe Biden's visit to Berlin

  • Approved 2026 budget lifts Germany's core defence spend to c. €82.7bn for this year

  • Gradual increase to 3.5% of GDP by 2029 in line with NATO defence spending, equating to a total defence budget of c. €153bn in 2029

February 2025 New German government elected

May 2025

New German government takes

power

August 2025 Purchase of Bedford Heights (1st UK site with significant rents related

to defence)

December 2025 Beginning of discussions with owner of northern Germany asset (multi-tenanted dedicated defence asset)

April 2026 Purchase of northern Germany asset in Kiel

November 2024 The German finance minister resigned triggering elections

in Germany

March 2025 Germany agrees to lift the Debt Brake

June 2025 Sirius appoints Major General (Retd) Angus Fay C.B. as strategic advisor: Defence

October 2025 Purchase of Feldkirchen (1st German site with significant rents related

to defence)

February 2026 Exclusivity for northern Germany & notarisation due for south-west Germany

May 2026

Notarisation of central Germany asset in Fulda



Purchase price - €m

SQMs

Occupancy

Vacancy - sqm

Rent - €m

NOI - €m

Gross Yield * % of rent from

defence sector

Bedford (UK) 18.6

22,127

96%

885

2.1

1.8

11.9%

33%

Munich - Feldkirchen (DE) 43.7

27,180

94%

1,631

3.5

3.4

8.0%

69%

Kiel (DE) 93.4

78,170

98%

1,563

7.8

7.0

8.3%

42%

Fulda (DE) 49.8

57,771

100%

0

3.9

3.6

8.4%

99%

TOTAL 205.5

185,248

98%

4,079

17.3

15.8

8.9%

60%

Bedford, UK

Feldkirchen, Germany

Kiel, Germany

Fulda, Germany







* Gross Yields calculated on net purchase price



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