Sirius Real Estate

What Sirius Real Estate does

Sirius Real Estate Limited is a publicly listed Real Estate Investment Trust (ticker: SRE) incorporated in Guernsey and dual-listed on the London Stock Exchange (FTSE 250) and Johannesburg Stock Exchange. Founded in February 2007 and listed on AIM in May 2007, the company owns and operates a diversified portfolio of 154 business parks, offices and mixed-use workspaces — 78 properties across Germany's big seven cities and key border towns (over 2.48 million sqm) under the Sirius brand, and 76 BizSpace sites across the UK (0.767 million sqm). The portfolio serves a fragmented customer base of approximately 11,736 tenants, predominantly SMEs alongside selected blue-chip corporates and defence-sector occupiers, with multi-let leases generating recurring rental income.

The operating model integrates acquisition, intensive capital investment, active asset management and hands-on tenant engagement through a fully internalised in-house platform with local teams supported by central systems. Sirius Facilities GmbH manages the German portfolio and BizSpace Limited manages the UK portfolio, with a Titanium joint venture (35% interest with AXA IM Alts/BNP Paribas Asset Management Alts) providing additional capital for stabilised assets. The technology stack includes an award-winning Building Information Modelling (BIM) system used for materials tracking and embodied carbon modelling, and digitally automated self-storage infrastructure within the SmartSpace Storage sub-product.

Revenue is generated primarily through contracted rental income, with annualised rent roll of €224.2m as of 31 March 2026, distributed across German (€165.2m) and UK (£81.1m / €93.4m) operations. Funds from Operations reached €133.5m in FY2026 (up 8.4% year-on-year), profit before tax was €211.4m (supported by €111.3m of property valuation gains), and the company delivered its 12th consecutive year of like-for-like rent roll growth above 5% alongside its 25th consecutive dividend increase. The business is capital-intensive, with €463.3m of acquisitions completed in FY2026, €2.9bn of portfolio assets, a €300m revolving credit facility, and an active funding programme spanning corporate bonds (€400m in 2021, €350m in 2025, €185.1m of bond taps in 2026) and a £77m equity placing in February 2026.

Name

Sirius Real Estate

Legal name

Sirius Real Estate Limited

Website

https://sirius-real-estate.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Sirius Real Estate is a publicly listed UK REIT that owns and operates 154 business parks and mixed-use workspaces across Germany and the UK, serving approximately 11,736 tenants — primarily SMEs — through its internalised in-house platform, with annualised rent roll of €224.2m as of March 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Rental income: The primary revenue stream is contracted rental income from tenants occupying business parks, offices, light industrial, workshop, studio, storage and flexible workspace units across Germany and the UK. Annualised rent roll was €224.2m as of March 2026. Sirius owns 78 business parks in Germany (€165.2m rent roll) and 76 BizSpace sites in the UK (£81.1m/€93.4m rent roll). Rental income is generated from a diversified base of 7,436 tenants in Germany and 4,300 tenants in the UK.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Sirius Real Estate owns and operates a diversified portfolio of business parks, offices, light industrial, workshop, studio, storage and flexible workspace units across Germany and the UK. The company leases these spaces under the Sirius brand in Germany and the BizSpace brand in the UK to a diversified base of more than 11,700 tenants, primarily small and medium-sized businesses. Revenue is generated from contracted rental income across 154 properties covering over 3.2 million square metres of lettable space.

Product overview

Sirius Real Estate operates a diversified property portfolio of branded business parks, offices, and mixed-use workspaces across Germany and the UK. In Germany (Sirius brand), the company owns 78 business parks comprising 2.1m sqm of lettable space, offering traditional and modern business parks plus office buildings. In the UK (BizSpace brand), the company owns 76 sites with 0.8m sqm offering light industrial, workshop, studio, storage and office units. The product portfolio is unified under Sirius's operating platform with individual brands for different market segments, including SmartSpace sub-products for flexible office and storage solutions. Sirius Facilities GmbH serves as the asset manager, and the Titanium joint venture with AXA IM Alts provides additional capital for portfolio expansion.

Differentiator

Problem solved

Functional benefit

Brands

• Sirius Facilities: Asset management services brand for German properties
• BizSpace
• Titanium

Products and services

• Sirius Business Parks (Germany) Branded business parks across Germany providing conventional and flexible workspace, including traditional business parks, modern business parks, and office buildings in major economic centres (Berlin, Hamburg, Düsseldorf, Cologne, Frankfurt, Stuttgart, Munich) and key border towns. The portfolio comprises 78 properties with 2.48 million sqm of lettable space.
• BizSpace (UK Regional Flexible Workspace) UK subsidiary providing regional flexible workspace including light industrial, workshop, studio, storage and office units to businesses across 76 sites covering 0.767 million sqm in the UK.
• SmartSpace Office

Quantifiable outcome

• 8.4% FFO increase to €133.5m; 4.5% FFO per share increase to 8.82c; 6.4% like-for-like annualised rent roll growth to €224.2m; 25th consecutive dividend increase; 5.0% adjusted NAV per share increase to 124.78c
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Achilles / Toitū EnvirocarecoreStrategic or Co-development PartnerSirius's greenhouse gas inventory for both Sirius Facilities GmbH and BizSpace Ltd is verified by Achilles, a global data validation company working under licence from Toitū Envirocare, an ISO 14065 accredited certification body. The verification is conducted in line with international best practice, the GHG Protocol, and compliant with ISO 14064-1:2018. Net Carbon Zero certification has been verified for the measurement period.
• Tree NationminorStrategic or Co-development PartnerSirius has a long-standing collaboration with Tree Nation for reforestation and ecosystem restoration. 18,118 trees were planted in the past year across Madagascar, Tanzania, Kenya, and Uganda, bringing the total to 112,725 since the partnership began. More than 13,000 trees were planted in recognition of tenant engagement across the portfolio.
• Rising Stars EduTrustminorStrategic or Co-development PartnerSirius launched the Rising Stars EduTrust initiative (FY2025-27) to support early-years education in Faure, Western Cape, South Africa, near Khayelitsha. Phase one included construction of a Grade R classroom and safety upgrades, enabling 22 Grade R learners. Employee fundraising also supports a child sponsorship programme.
• PRISMA (Property Industry Refugee Work Programme)minorStrategic or Co-development PartnerSirius participates in the PRISMA property industry refugee work programme in Germany, with former refugees representing 6.9% of the German workforce at year-end (within the 5-10% target range). A new cohort launched during FY2025/26 with the next programme launching in September 2026.
• Ian Watson (Board appointment)minorOthersIan Watson, a veteran of European industrial property with over 30 years of experience, was appointed as independent non-executive director. Watson previously co-founded and exited Ashtenne Holdings (sold 2005 for £750m) and Hansteen Holdings (sold 2020 for £500m).
• Ernst & Young LLP (Auditor)coreOthersErnst & Young LLP serves as auditor, located at 1 More London Place, London SE1 2AF, United Kingdom.
• Link Market Services Limited (Registrar)coreOthersShare registrar for UK-registered shares, located at Mont Crevelt House, Bulwer Avenue, St Sampson, Guernsey GY2 4LH.
• Computershare Investor Services (Registrar)coreOthersShare registrar for South Africa-registered shares, located at Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, South Africa.
• Norton Rose Fulbright LLP (UK Legal Adviser)coreOthersUK solicitors and legal adviser for English and South African law, located at 3 More London Riverside, London SE1 2AQ.
• Carey Olsen (Guernsey Legal)coreOthersGuernsey solicitors, located at PO Box 98, 7 New Street, St. Peter Port, Guernsey GY1 4BZ.
• Cushman & Wakefield LLP (Property Valuer)coreOthersProperty valuers for the Sirius portfolio, located at Rathenauplatz 1, 60313 Frankfurt am Main.
• FTI Consulting (Financial PR)minorOthersFinancial PR advisors, with contacts Giles Barrie and Richard Sunderland, located at 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SEGRO: UK-listed industrial/logistics REIT operating across the UK and continental Europe. Closely comparable to Sirius in its industrial property focus, multi-let business park model, and pan-European footprint, though SEGRO skews toward larger big-box logistics.
• Workspace Group: UK-listed REIT focused on flexible workspace in London. Comparable to Sirius/BizSpace through its flex workspace offering to SMEs, though Workspace is geographically concentrated in London whereas BizSpace spans UK regional cities.
• Helical: UK-listed office REIT with focus on central London and selective repositioning plays. Comparable to Sirius in its active asset management approach and willingness to refurbish/upgrade sub-optimal assets to capture rental growth.
• CLS Holdings: UK-listed REIT with office and industrial assets across the UK, Germany and France. Direct comparable to Sirius's pan-European multi-let business park strategy and similar mid-market positioning in German commercial property.
• Regional REIT: UK-listed REIT focused on regional office assets outside the M25. Closely comparable to Sirius's UK BizSpace strategy of owning and actively managing secondary, regional commercial property for SME tenants.
• Hansteen Holdings: UK-listed industrial property REIT (acquired by Blackstone in 2020). Historic comparable to Sirius given similar focus on multi-let industrial estates across UK and continental Europe for SME tenants; Ian Watson co-founded Hansteen before joining Sirius's board.

Broad incumbents

• Tritax Big Box REIT: UK-listed REIT focused on large-scale logistics warehouses. Overlaps with Sirius's UK industrial exposure but operates at the opposite end of the size spectrum (mega-box distribution centres vs SME business parks).
• Land Securities: UK-listed diversified REIT with mixed office and retail exposure. Comparable to Sirius as a UK-listed REIT operating commercial property but at a much larger scale and broader asset mix.
• British Land: UK-listed REIT with office, retail and increasingly logistics exposure. Comparable as a UK-listed REIT pursuing thematic repositioning, though British Land operates at significantly larger scale with a more diversified mandate.
• Aroundtown: European-listed (Frankfurt) commercial property company with major German office and hotel exposure. Comparable to Sirius's German footprint and asset class, though significantly larger and more diversified across hospitality and offices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/siriusre
• LinkedInlinkedin.com/company/siriusrealestate

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sirius Real Estate