Chief executive Andrew Coombs said the deal shows "first mover advantage" in assets aligned with structural growth in government-backed defence spending.

Sirius Real Estate is recycling £5.3 million from two sub-scale UK business parks into a trio of digitally automated self storage developments across England.

"We maintain our disciplined approach to leverage," said Chris Bowman, Chief Financial Officer, summarising the company view on market support and balance sheet flexibility.

"The 38% average return on investment we have generated from upgrading 250,000 sqm of space just through our value add capex programme in the last three years is a real testament to the strength of our team," said Andrew Coombs.