Business
UK disposals and self storage acquisitions update
Sirius Real Estate is disposing of two non-core U.K. business parks in Sheffield for £5.3 million, a 3% premium to book value, to recycle capital into three self-storage development opportunities in Leicestershire, Bedfordshire, and Merton. The acquisition costs for these new sites total £12.6 million, with £7.3 million to be funded by further non-core U.K. asset disposals expected this year. These self-storage projects are forecast to deliver double-digit internal rates of return exceeding the company's cost of capital, aligning with Sirius's strategy of reinvesting in assets with stronger return potential. Disclaimer*
About this update from Sirius Real Estate Limited
SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 JSE Share Code: SRE LSE (GBP) Share Code: SRE LEI: 213800NURUF5W8QSK566 ISIN Code: GG00B1W3VF54 25 June 2026 Sirius Real Estate Limited ("Sirius Real Estate", "Sirius", the "Company" or the "Group") Sirius disposes of two non-core U.K. assets and recycles into three self storage assets 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., announces that it has exchanged contracts to dispose of two non-core U.K. assets and acquire three U.K. self storage opportunities. In line with its strategy of recycling non-core U.K. assets, Sirius has exchanged contracts to dispose of two sub-scale multi-use business parks in the Sheffield area in the north of the U.K., for a combined consideration of £5.3 million, representing a 3% premium to book value. The Sheffield assets are being sold to a single purchaser with whom Sirius has previously transacted. Both sites are stable and well occupied but offer limited scope to drive further income or valuation growth. Building on Sirius's existing extensive framework of self storage offerings across Germany and the U.K., as well as its recently announced development on its existing site at Berlin Gartenfeld, Sirius has exchanged contracts to acquire and develop three digitally automated self storage opportunities, located in Leicestershire, Bedfordshire, and Merton (Greater London), all of which are subject to planning. The site acquisition costs total approximately £12.6 million which will be funded from the recycling of the Sheffield assets and the remaining £7.3 million from further disposals of non-core UK assets expected this calendar year. All three sites benefit from excellent locations characterised by market undersupply alongside strong business and residential fundamentals. The Leicestershire and Bedfordshire assets will open in spring 2027, with the Merton site expected to complete in 2028. Each of these self storage development projects are forecast to generate double digit IRR's in excess of our cost of capital. These transactions are consistent with the Group's strategy of recycling capital from mature, smaller assets into opportunities with stronger returns potenti...
View stock analysis, news, and events for Sirius Real Estate Limited