At a Glance
- $136.4 million Hartlebury deal lifts BizSpace portfolio 18% and boosts gross asset value 20%.
- Acquisition adds $9.31 million net operating income from 100 tenants with 84% occupancy.
- Strategic Midlands site offers low coverage, expansion plots, and strong transport connectivity.
Sirius Real Estate, the London- and Johannesburg-listed owner and operator of branded business and industrial parks, has expanded its UK BizSpace portfolio with the £101.1 million ($136.4 million) acquisition of Hartlebury Trading Estate in Worcestershire.
The transaction, completed on August 8, increases the BizSpace portfolio by 18 percent to 8.3 million square feet, lifting gross asset value by about 20 percent and immediately adding 10 percent to UK revenues.
Hartlebury generates £6.9 million ($9.31 million) in net operating income from over 100 tenants and was acquired with 84 percent occupancy, offering reversionary upside through vacant space leasing and asset management.
Strategic Midlands expansion
Spanning 171 acres with 1.5 million square feet of mainly warehouse space and 17 acres of industrial open storage, the freehold multi-let estate benefits from low building coverage of 19 percent and is configured for subdivision into three separate estates.
Its strategic location—10 miles from the M5 motorway and adjacent to a railway station—offers strong logistics connectivity, with Birmingham and East Midlands airports nearby.
Earlier this year, Sirius completed the acquisition of a strategically located business park in Lübeck, northern Germany with over 14,810 sqm of lettable space and a diversified tenant base. The site is already generating strong cashflows and offers clear opportunities for value creation through our active asset management platform.
Sirius has earmarked short-term, environmentally focused upgrades and long-term development potential via two identified plots. The asset, originally built by the Ministry of Defence, is also suited to defence-related occupiers.
Accelerating 2025 investment momentum
Hartlebury is Sirius’ ninth business park acquisition this year, following deals in Dresden and Bedford. The €289.9 million ($338.69 million) invested in 2025 has added €20 million ($23.36 million) in net operating income.
The deal uses proceeds from Sirius’ November 2023 and July 2024 equity raises, plus debt from its May 2024 bond tap and January 2025 bond issue.
CEO Andrew Coombs said it “materially scales our UK portfolio and positions us as a leading player in the Midlands,” with benefits expected in second-half results and beyond.
The property is forecast to generate €8.24 million ($9.62 million) in annual revenue and profit to March 2027, fully backed by contracted rental income.
Sirius, dual-listed in London and Johannesburg, owns and operates business and industrial parks in Germany and the UK.
As of March 31, 2025, its 145 assets housed 10,477 tenants, valued at over €2.5 billion ($2.92 billion), and produced €221.4 million ($258.49 million) in annual rent. It also holds 35 percent of Titanium, a €350 million ($408.63 million) German-focused joint venture with AXA IM Alts.
