Sirius Real Estate has expanded its UK portfolio with the acquisition of Hartlebury Trading Estate in Worcestershire for £101.1m, excluding acquisition costs.
The group said the transaction followed the recent acquisitions in Dresden and Bedford and was the ninth business park it had bought in 2025.
Sirius, which owns and operates branded business and industrial parks in Germany and the UK, said the Hartlebury estate generated net operating income of £6.9m from more than 100 tenants, with a weighted average unexpired lease term of 4.1 years. It has been acquired with 84% occupancy.
Hartlebury Trading Estate is set on a 69.2ha site comprising a freehold multi-let industrial park with about 140,000m2 of predominantly warehouse accommodation, alongside about 6.9ha of industrial open storage plots.
Sirius has already identified a number of opportunities to increase income, in line with its value-add asset management strategy, including environmentally focused upgrades in the near term.
“With exceptionally low building coverage of just 19% and configured in a way that allows it to be separated into three separate estates, Hartlebury Trading Estate offers plenty of asset management opportunity, including benefiting from two development plots that provide further optionality and longer-term potential to extend,” it said.
The business park was originally built by the UK defence ministry as a Royal Air Force maintenance base, so, in addition to its attractiveness to traditional occupiers, it was also well suited to defence-related businesses, Sirius said.
The asset benefits from a strategic Midlands location to the west of Birmingham and north of Gloucester, where the about 24ha Vantage Point business park Sirius acquired last year is located.
CEO Andrew Coombs said the acquisition of Hartlebury marked a significant and highly strategic milestone for Sirius’ UK BizSpace platform as it materially scaled its UK portfolio and positioned the group as a leading player in the Midlands region.
“The estate offers immediate, robust cash flow from a well-diversified and stable tenant base, while also presenting a number of opportunities to leverage the combined expertise of the Sirius and BizSpace platforms to enhance existing revenues and unlock new income streams through hands-on asset management, further enhancing the yield.
“In 2025 alone, we’ve secured investments of just under €290m into income-generating business parks, bringing a total of €20m of new initial net operating income into the group. This demonstrates our ability to source and execute accretive investments that not only strengthen our rent roll but also unlock long-term growth potential through development and repositioning initiatives,” he said.
Coombs added that Sirius had now fully allocated the capital from its two equity raises in November 2023 and July 2024, as well as the corresponding leverage that was unlocked from the May 2024 bond tap and January 2025 bond issuance.
“While we still have some balance sheet headroom remaining as a result of the valuation increase we achieved in the last financial year, we are pleased that our capital deployment has been successful and shareholders will see the effects of the growth and accretion it brings come through in our second-half results and beyond,” he said.
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