Sirius Real Estate is acquiring a defence-anchored business park in Germany for €93.4m.
Sirius Real Estate said it has agreed to acquire the business park in Kiel, which is anchored by defence firm Rheinmetall. The asset’s tenant base also includes several companies operating across the defence, infrastructure, testing and automation sectors.
The business park, consisting of production and warehouse, office and laboratory space, sits on a 226,600sqm plot and offers a gross lettable area of 78,170sqm. The acquisition also includes a 955sqm development which is on site and due to complete in 2027.
Sirius Real Estate said the property is currently 98.5% occupied.
Sirius Real Estate has so far this year invested more than €200m into defence-related industrial assets, expanding its footprint in the sub-sector across its core markets in Germany and the UK.
Andrew Coombs, CEO of Sirius Real Estate, said: “The acquisition of this multi-let business park delivers immediate income and offers further significant potential to improve rental tone, extend the weighted average lease expiry (WALE) and drive further revenue growth through on-site development. This site is anchored by Rheinmetall, Germany’s largest defence company and is strategically located close to one of Germany’s major naval bases in Kiel.
“This acquisition also adds to our broader portfolio of defence-related properties, further positioning the business to support the projected increase in government investment into defence and the resulting growth in occupier demand across the sector.”
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