First View: SRE disposes of non-core UK assets and recycles into Self storage

Research evidence excerpt

First View: SRE disposes of non-core UK assets and recycles into Self storage

UK | REITs

Sirius Real Estate EquityJuneResearch25, 2026

FIRST VIEWFirst View: SRE disposes of non-core UK

RATING BUYassets and recycles into Self storage

PRICE 99.45p^

Conclusion

SRE has agreed to sell two non-core Sheffield business parks for £5.3m, PRICE TARGET | % TO PT 110.00p | +11%

a 3% premium to book value, as part of its strategy to recycle mature 52W HIGH-LOW 113p - 87p

assets with limited growth potential. Proceeds will help fund the acquisition FLOAT (%) | ADV MM (USD) 96.8% | 433.30

and development of three automated self-storage sites in Leicestershire, MARKET CAP £1.6B | $2.1B

Bedfordshire and Merton, with total land costs of c.£12.6m; the balance will TICKER SRE LN

^Prior trading day's closing price unless otherwise

be funded by further UK disposals. noted.

The new assets, subject to planning, are located in undersupplied markets

with strong fundamentals and are expected to complete between 2027 and

2028. The developments are forecast to deliver double-digit IRRs above the

cost of capital.

Overall, the transactions reinforce Sirius’s strategy of redeploying capital

from smaller, lower-growth assets into higher-return opportunities while

expanding its resilient, high-yielding self-storage platform.

Detail

Andrew Coombs, CEO: "The two self storage conversion sites in

Leicestershire and Bedfordshire are expected to open early in the next

financial year, with all three acquisition opportunities representing an

exciting further step in our self storage strategy, as we expand on what is

already an extensive, high-yielding and resilient part of our platform."

Related Research

Sirius Real Estate : First View: SRE issue €185.1m of new notes June 11, 2026