Sirius Real Estate has acquired Hartlebury Trading Estate in Worcestershire for £101.1m.
The estate, which is set on a 171-acre site, comprises a freehold multi-let industrial park offering approximately 1.5m sq ft of predominantly warehouse accommodation, alongside 17 acres of industrial open storage plots.
The estate currently generates a net operating income of £6.9m from more than 100 tenants with a WAULT of 4.1 years, and has been acquired with 84% occupancy.
The purchase price reflects an EPRA net initial yield of 6.45% after acquisition costs and the site offers reversion potential through the letting of vacant space and asset management initiatives.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “The acquisition of Hartlebury Trading Estate marks a significant and highly strategic milestone for our U.K. BizSpace platform. Adding over 1.5m sq ft across 171 acres, this transaction materially scales our UK portfolio and positions us 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.
“We have now fully allocated the capital from our 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. Whilst 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.”
