Sirius acquires business park in Hamburg for €31.9m

Business and industrial parks investor Sirius Real Estate has acquired a multi-tenant business park in Hamburg, Germany, for €31.9m, including associated costs.

Located in Hamburg-Rothenburgsort, within the Rothenburgsort industrial area close to Hamburg port, the site has a total lettable area of 29,448sqm. The park is well connected to central Hamburg, as well as a number of Sirius’s other assets in the region.

The purchase terms reflect an EPRA net initial yield of 6.1%, which equates to the annualised rental income based on cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with estimated purchasers’ costs.

Sirius said the business park currently generates €2.15m a year and is 89% occupied, “providing a number of value creation opportunities through leasing of vacant space and future development”. The site is also occupied by several smaller tenants whose shorter leases offer potential for upside from their current rental levels and further offers a potential new-build opportunity with an existing large tenant, the company added.

The recently renovated asset is occupied by a number of leading businesses across a wide variety of sectors with the two main tenants contributing more than 20% of the rent roll.

Andrew Coombs, CEO of Sirius Real Estate, said: “The acquisition of our fifth Hamburg business park will generate day-one income and offers further significant potential to improve rental tone, grow occupancy and grow revenue through onsite development.

“Following our acquisition of a business park in nearby Lübeck earlier this year, the asset is another exciting addition to our portfolio in the Hamburg region and wider Northern Germany area.

“The transaction also builds on the momentum we have achieved this calendar year, having made over €340m of acquisitions in the UK and Germany.

“Due to its strong economy and supportive macro tailwinds, and having made a number of significant acquisitions in the UK in the last couple of years, our main focus going into 2026 will be on seeking attractive investments in Germany, where we have a strong pipeline of opportunities that we are currently exploring.”

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