Sirius Real Estate Limited (SRE.L), a property company, on Friday announced that it agreed to acquire a multi-let business park in Lübeck, Germany, for 12.67 million euros, and to sell a site in Pfungstadt near Frankfurt for 30 million euros.
The Lübeck business park's acquisition value represents a 7.9% EPRA Net Initial Yield. The park spans 21,650 sqm with 14,810 sqm of lettable space, mostly for production and warehousing. It has 88% occupancy, generating 1.05 million euros in annual rent, which is set to rise to 1.13 million euros and 95% occupancy after a new lease completes in August.
Sirius noted that Lübeck will benefit from a 7.5 billion euros government project, including a 17.6 km Baltic Sea tunnel set to link the city to Copenhagen within an hour by 2029, plus 88 km of new rail to boost access to northern markets.
Further, Pfungstadt's sale value represents an approximate 9% premium to book value and an EPRA Net Initial Yield of 6.8%.
The business park in Pfungstadt is a 33,452 sqm site that is 89% occupied by over 100 tenants. The sale aligns with Sirius's strategy to recycle mature assets and reinvest in higher-growth opportunities. Completion is expected in the final quarter of the financial year.
Sirius is scheduled to release its fiscal 2025 results on June 2.
Sirius Real Estate is 0.58% higher at 95 pence on the London Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.