Gross revenue for FY2025 decreased by 33.3% y-o-y to &euro 50.4 million, while net property income decreased by 38.7% over the same period to &euro 32.8 million.

 

The decrease was due to the vacancy at Berlin Campus with effect from Jan 1, 2025 and the absence of other income from dilapidation cost recovered from the main tenant at Berlin Campus.

 

Income to be distributed to Unitholders for FY2025 decreased by 42.7% y-o-y to &euro 14.7 million mainly due to the lower property income and higher finance costs arising from an increase in loan margins for the German Portfolio and the Spanish Portfolio.

 

As at Dec 31, 2025, iREIT Global&rsquo s portfolio occupancy rate stood at 89.4%, a slight improvement from 88.5% achieve a year ago.

 

The REIT saw positive rental escalation of 4.0% in FY2025, driven mainly by consumer price index (CPI) indexation from the French Portfolio.

 

In the first quarter of 2026, the Manager has secured a 10-year lease with a federal tenant at Darmstadt Campus, which is expected to raise the occupancy rate at the property from 41.3% to almost 60%.

 

Portfolio valuation saw a decline of 6.9% y-o-y in FY2025 to &euro 798.1 million and net asset value (NAV) per unit in Euro terms was 12.8% y-o-y lower to &euro 0.34 due to higher borrowing and lower valuations.

 

With the higher borrowings and lower portfolio valuation, iREIT Global&rsquo s aggregate leverage increased to 44.6%.

 

Interest coverage ratio declined significantly to just 2.7 times, from 7.6 times a year ago. Cost of debt surged to 2.8% as at Dec 31, 2025, from just 1.9% a year earlier.

 

The REIT manager expects interest costs to increase due to higher loan margin and hedging cost fixed with the incumbent banks.

 

97.5% of the REIT&rsquo s bank borrowings have been hedged with interest rate swaps and interest rate caps.

 

On the repositioning of Berlin Campus, the manager states that construction works for the hospitality segments have been progressing well and the first phase of the repositioning project is targeted to complete in the second quarter of 2027.

 

The manager is also in ongoing discussions with two potential office tenants to secure a lease commitment for a substantial portion of the office space by the second quarter of 2026, which will entail a launch of the capital expenditure for the second phase.

Excluding the Berlin Campus, it achieves a portfolio occupancy of 89% in Q3

 

[SINGAPORE] The absence of property income as a result of the repositioning of   IReit Global&rsquo s   : 8U7U 0% office asset in Berlin is expected to have a &ldquo significant impact&rdquo on the real estate investment trust&rsquo s (Reit) distributions to unitholders. 

 

On Thursday (Nov 20), the Europe-focused Reit said in a business update for its third quarter ended Sep 30 that construction works which began in the second quarter of 2025 is progressing according to schedule. The first phase of the project is expected to be completed by Q2 2027. 

 

There are ongoing discussions with two potential office tenants to secure a lease commitment for a substantial portion of the office space by the first quarter of next year. 

 

IReit added that, excluding the Berlin Campus, it had achieved a portfolio occupancy of 89 per cent as at Sep 30, lower than the previous quarter&rsquo s 89.5 per cent.

 

The weighted average lease expiry, which measures the average remaining time on all leases within a property, stood at 5.6 years, also down from 5.8 years in Q2 2025. 

 

The total valuation of its portfolio came to 859.8 million euros (S$1.3 billion).

 

IReit said that the European real estate market has improved in 2025, even though the growth has moderated in light of the global macroeconomic and geopolitical uncertainties which have tamped down investors&rsquo sentiment. 

 

Low unemployment, stabilising inflation and planned increase in defence spending are expected to support growth in the region, it added. 

 

The manager noted that it will stay proactive regarding leasing, to improve IReit&rsquo s portfolio occupancy rate and diversify its tenant mix. 

 

It is also exploring avenues to optimise the portfolio yield, including through acquisition and capital-recycling activities. 

&bull Successful refinancing with upsized loan facility highlights confidence and strong partnership with banks

&bull Additional &euro 20 million facility also provided by incumbent banks for capital expenditure of the Berlin Campus repositioning project

 

Mr Peter Viens, Chief Executive Officer of the Manager, said, &ldquo We are pleased to have successfully completed the refinancing exercise for our German Portfolio. We thank our banking partners for their continued support and commitment, which reinforces the resilience of our portfolio and the strength of our long-standing relationships.&rdquo

 

The average interest rate margin of the loans is 2.5%. IREIT will continue to hold the existing interest rate swaps until its expiry in January 2026, before they are replaced with new interest rate swaps.

 

The Manager is also in an advanced stage of discussion with banks on the refinancing of its Spanish Portfolio comprising four freehold office properties. Once completed, IREIT will have no more refinancing requirements until July 2027.

The dispute stems from a dilapidation cost agreement made with the former main tenant of its Berlin Campus

[SINGAPORE] Subsidiaries of IReit Global have been served with a payment order filed by Deutsche Rentenversicherung Bund (DRV), the former main tenant of its Berlin Campus, in a move that escalates a potential legal dispute into a formal court proceeding.

 

In a bourse filing on Thursday (Sep 11) evening, the real estate investment trust&rsquo s manager confirmed the payment order had been served on Wednesday.

 

The dispute stems from a lump-sum payment of 15.5 million euros (S$23.2 million) that DRV had agreed to pay for dilapidation costs to reinstate the Berlin property to its original state. 

 

However, DRV is now seeking a partial repayment of 8.4 million euros, arguing in a legal letter sent on Jun 12 that the costs were &ldquo unjustified&rdquo because the underlying lease provision is legally invalid.

 

IReit&rsquo s manager said it intends to contest the action, maintaining that its subsidiaries have a &ldquo high chance of successfully defending against the asserted claim&rdquo .

 

The subsidiaries have until Oct 10 to file an objection to the payment order. If an objection is filed on time, the case will be referred to the district court of Berlin, where formal legal proceedings will be initiated. 

Revenue falls by 27.5% while net property income decreases by 33.3%

 

[SINGAPORE] Ireit Global : UD1U 0% posted a 26 per cent fall year on year in distribution per unit (DPU) to 0.71 euro cent for the half-year of FY2025 ended June because of the full vacancy at the Berlin campus.

 

Revenue decreased by 27.5 per cent to 26.6 million euros (S$39.8 million) while net property income slid 33.3 per cent to 18 million euros, the regulatory filing by the manager of the Europe-focused real estate investment trust (Reit) on Thursday (Aug 7) showed.

 

The drop was mainly due to the full vacancy at Berlin Campus from Jan 1, 2025, and the absence of other income from the dilapidation cost paid by the main tenant at the property in the corresponding period of FY2024.

 

Consequently, income to be distributed to unitholders at 9.5 million euros was 26 per cent lower, and this was after the retention of 10 per cent of income for working capital and capital expenditure.

 

However, earnings per unit was higher at 0.05 euro cent, compared with 0.02 euro cent for the year-ago period, as total return attributable to unitholders was impacted by net change in fair values of financial derivatives and investment properties. 

 

Net asset value per unit was unchanged at 0.39 euro cent as at end June, against end-December 2024.

 

Ireit Global Group, the Reit manager, said it has initiated discussions with the incumbent banks regarding the refinancing of the German and Spanish properties, and expects to finalise the agreements by the third quarter of 2025, thereby pushing the next earliest debt maturity to July 2027.

Berlin Campus tenant alleges that dilapidation costs to reinstate the property back to its original state are unjustified

 

[SINGAPORE] IReit Global is facing a potential litigation suit from its tenant, which alleged that dilapidation costs agreed to earlier are &ldquo unjustified&rdquo , it announced in a bourse filing on Monday (Jul 28). 

 

Deutsche Rentenversicherung Bund (DRV), the main tenant of the Berlin Campus, had agreed to pay IReit a lump sum of 15.5 million euros (S$23.2 million) as dilapidation costs to reinstate the property back to its original state. 

 

On Jun 12, DRV sent a legal letter to IReit&rsquo s subsidiaries claiming partial repayment of the dilapidation costs of 8.4 million euros. It said the the costs were &ldquo unjustified as as the provision in the lease agreement that establishes the obligation to carry out any renovation works to reinstate the property is invalid&rdquo .

 

IReit Global&rsquo s manager has engaged legal counsel who view that the claim is unlikely to succeed legally, and that IReit has a high chance of defending the claim. A formal response rejecting the claim was sent on Jun 25.

 

No court-initiated proceedings have been served to any subsidiaries. 

 

The claim is about 1.6 per cent of IReit&rsquo s net asset value and 11.1 per cent of gross revenue for FY2024. With the legal counsel&rsquo s view that the claim can be successfully defended, the manager&rsquo s view is that no provision for the claim is required by IReit as at Jun 30.

Manager of Europe-focused real estate investment trust says it&rsquo s in talks with other potential tenants for spaces in its Spanish properties

 

[SINGAPORE] IReit Global : UD1U 0% has secured two new leases in Spain last month, totalling around 5,200 square metres (sq m).

 

The manager of the Europe-focused real estate investment trust (Reit) said on Tuesday (Jul 8) that these tenancies will raise its overall occupancy rate from about 77 per cent to 83 per cent, after letting. 

 

The first lease is for a total lettable area of approximately 1,622 sq m, by an existing tenant at Sant Cugat Green, an office building in Barcelona. 

 

The tenant, a leading data-centre operator, had occupied the underground space for data-centre operations since 2022. It proceeded to establish its corporate offices in 2023, and will expand further to develop client workspaces and technical rooms with the latest lease agreement. 

 

The new pact will bring the company&rsquo s total footprint at Sant Cugat Green to exceed 7,500 sq m, making it the largest tenant in the building as well as in IReit&rsquo s Spanish portfolio. 

 

IReit&rsquo s manager said the second tenancy involves a prominent and rapidly growing Spanish company which signed a seven-year lease for around 3,550 sq m in Parc Cugat Green, an office building located within a business park in Barcelona. 

 

This agreement brings the building to full occupancy for the first time since it was acquired in late 2021. 

 

IReit&rsquo s manager said this shows the &ldquo general stabilisation and recovery of the European office market&rdquo . 

 

In Spain, particularly Madrid and Barcelona, office demand remains robust, with companies from the technology, consulting and education sectors driving activity, said IReit&rsquo s manager, citing a report by Cushman & Wakefield.

 

The manager added that it is in talks with a few other potential tenants for spaces in the other properties within its Spanish portfolio. 

 

IReit units ended unchanged at S$0.28 on Tuesday, before the announcement. 

The bond is expected to be issued on May 22

 

[SINGAPORE] IReit Global&rsquo s : UD1U +2.13% trustee has launched and priced S$85 million of green, senior, and unsecured notes at 6 per cent per annum, with the proceeds to fund the capital expenditure for the repositioning of its Berlin Campus to a multi-let and mixed-use property.

 

The manager of the real estate investment trust (Reit) with assets focused in Europe announced in a regulatory filing on Tuesday (May 13) that the bond &ndash which are expected to be issued on May 22 and will mature on May 22, 2028 &ndash will make coupon payments semi-annually in arrears.

 

The Berlin asset is to attain a minimum Leadership in Energy Environmental Design Gold certification after upgrading, and would meet the criteria for an eligible green project under IReit&rsquo s green financing framework.

 

Co-sponsor and a controlling unitholder of IReit, Tikehau Capital, will be subscribing for about 13.8 per cent of the notes, which are expected to be listed for trading on the Singapore Exchange on May 23.

 

CIMB Bank&rsquo s Singapore Branch and DBS : D05 +1.19% have been appointed as joint bookrunners to arrange the offering of the notes under the US$1 billion multicurrency debt issuance programme, with DBS being the notes&rsquo global coordinator as well.