Sirius Real Estate Completes Fulda Defence Park Purchase

Sirius Real Estate has completed the acquisition of a light-industrial business park in Fulda, northeast of Frankfurt in the Hesse region, for €49.8 million. The asset comprises 57,771 sqm of lettable space on a 112,867 sqm plot, is fully let, and currently generates an annual rent of about €3.93 million with a 5.1-year weighted average lease expiry. The purchase price reflects an EPRA Net Initial Yield of 7.8%. The park is production-led, largely used for manufacturing and warehousing, and is anchored by a leading European manufacturer of ballistic protection equipment serving military, police and law enforcement customers, with the tenant based there since 2014 and linked to defence and security programmes such as the MOBAST programme. These programmes provide multi-year production visibility and underscore the asset’s strategic relevance amid rising defence and security spending in Germany and Europe. The acquisition aligns with Sirius’ strategy of investing in well-located industrial and business park assets with strong occupier fundamentals, attractive day-one income, and exposure to government-supported demand for mission-critical defence and security products.