FITCH REAFFIRMS SIRIUS' BBB CREDIT RATING

SIRIUS REAL ESTATE LIMITED 

(Incorporated in Guernsey) 

Company Number: 46442 

JSE Share Code: SRE 

LSE (GBP) Share Code: SRE 

LEI: 213800NURUF5W8QSK566 

ISIN Code: GG00B1W3VF54 

15 October 2026 

Sirius Real Estate Limited 

(“Sirius Real Estate”, “Sirius”, the “Group” or the “Company”) 

FITCH REAFFIRMS SIRIUS' BBB INVESTMENT GRADE CREDIT RATING AND STABLE OUTLOOK

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K., announces that Fitch Ratings has reaffirmed the Company's Long-Term Issuer Default Rating (“IDR”) and senior unsecured rating at BBB, with a Stable Outlook. 

In its rating rationale, Fitch cited Sirius’ disciplined approach to maintaining stable occupancy and moderate leverage during a period of portfolio growth. It also praised the resilience of the Group’s operating platform, noting that like-for-like rental growth continues to outpace inflation and recognised Sirius’ active approach to optimising assets through targeted capital investment, as well as its in-house digital platform’s ability to attract tenants and improving occupancy.

Fitch highlighted the strength of the Group’s credit metrics, with EBITDA net interest cover of around 7x in FY26 and net debt to EBITDA around 6x throughout the forecast period, further demonstrating the strength of Sirius’ balance sheet. It also expects the Group to maintain leverage at or below its long term loan-to-value policy.

Fitch also recognised the opportunity presented by Sirius’ growing exposure to defence-related occupiers, particularly in Germany. Following the acquisitions in Kiel and Fulda, the value of the Group’s defence-related assets is approximately €200 million, with Fitch expecting increased defence spending to support tenant retention and demand across this part of the portfolio. 

Chris Bowman, Chief Financial Officer at Sirius Real Estate, said: “Fitch’s decision to reaffirm Sirius’ investment grade BBB credit rating and Stable Outlook is a further endorsement of the resilience of our business model, the strength of our operating platform and credit metrics, as well as our disciplined approach to growth and capital allocation.

“Strong support from the listed bond market enabled us to bring our two euro-denominated bonds up to benchmark €500 million size each in June, providing attractive financial leverage at a cost well below the yields generated by our portfolio. This further demonstrates the strength of our financial model and its ability to deliver double-digit returns to shareholders.

“We continue to deliver strong organic rental growth and invest selectively in assets where our active management capabilities can create value. We remain focused on maintaining a strong balance sheet and operating within our stated leverage parameters while pursuing further growth opportunities across Germany and the UK.” 

Ends

For further information:

Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+44 (0) 20 3059 0821

FTI Consulting (Financial PR)
Richard Sunderland / Talia Shirion
+44 (0) 20 3727 1000
[email protected]

NOTES TO EDITORS

About Sirius Real Estate

Sirius is a property company listed on the equity shares (commercial companies) category of the London Stock Exchange and the premium segment of the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K. As of 31 March 2026, the Group's portfolio comprised 145 assets let to 10,477 tenants with a total book value of approximately €3.0 billion, generating a total annualised rent roll of €258.6 million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with BNP Paribas Asset Management Alts.

The Company's strategy centres on acquiring business parks at attractive yields and integrating them into its network of sites - both under the Sirius and BizSpace names and alongside a range of branded products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to the local market via intensive asset management and investment and may then choose to refinance or dispose of assets selectively once they meet maturity, to release capital for new investment. This active approach allows the Company to generate attractive returns for shareholders through growing rental income, improving cost recoveries and capital values, and enhancing returns through securing efficient financing terms.

For more information, please visit: www.sirius-real-estate.com

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