The improvement in demand could not come at a better time. Sirius was hit late last year by two large tenant move-outs which, it warned recently, could cut profits below expectations in the financial year just ended in March. But founder and CEO Kevin Oppenheim is optimistic that the surge in demand across the portfolio – 38 separate German business parks of 11.8 million square feet of mixed-used flexible-workspace real estate - means the worst is over.

Sirius has invested $66.5 million of capital expenditure to modernize and upgrade, and the strategy is paying off, Oppenheim says. "What we've essentially achieved is Phase 1, which included building up the existing portfolio and the management team, and creating the regional platform in Germany, really spending the capital to procure the transformation from tired old buildings into modern new vibrant multi-let branded business parks. We've created a lot of product, put our brand in the market, and Phase Two, which we've now entered, is what I call a drive towards occupancy and efficiency."

He says Phase Two is taking the portfolio from the current level of occupancy which is circa 71%, up to 80%-plus. Sirius has set this benchmark to allow it to move forward in a third phase toward realizing value for shareholders, and maximizing profits. "We've been very lucky on timing because what we're seeing now is a level of inquiries and demand for our product way above anything we've had previously," Oppenheim says.