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A piece of advice here...
Since they last declared their dpu in EUROs ( last payout &euro O.0151) , there were some cases of unit holders not receiving their dpus. Please check if you have received, if not you should call up SGX to pay you in Sing dollars. Payment should be 15 March.
Since they last declared their dpu in EUROs ( last payout &euro O.0151) , there were some cases of unit holders not receiving their dpus. Please check if you have received, if not you should call up SGX to pay you in Sing dollars. Payment should be 15 March.
iREIT' s mgr actually v. good. Able to acquire underrented ppty at cheap prices (some even with limited duration rental support) and find tenant within that period
IReit&rsquo s Sant Cugat Green bags new 12-year lease for 20.4% of property&rsquo s total lettable area
IREIT Global on Tuesday (Jun 21) announced that it has secured a 12-year lease for about 5,300 square metres (sq m) of vacant data centre space at its Sant Cugat Green building in Barcelona, Spain, representing around 20.4 per cent of the property&rsquo s total lettable area.
The initial annual rent is approximately &euro 0.7 million (S$1 million) and comes with an annual rent indexation based on a 3 per cent margin above the consumer price index in Spain, IReit said.
The tenant of the new lease is a joint venture between 2 Spanish companies with operating history in the information technology and power electronics markets.
The total lease duration includes a 2-year renovation phase that began on Jun 20 and is rent-free, as well as a break option at the end of the eighth year on Jun 19, 2030.
The new lease will push up Sant Cugat Green&rsquo s occupancy rate to 97.2 per cent on a pro-forma basis, from 77.1 per cent as at end-March, while the property&rsquo s weighted average lease expiry will improve to 5 years from 3.6 years.
The parties have agreed upon a total capital expenditure of some &euro 7.8 million to upgrade the power supply requirements, air conditioning and fire protection of the data centre. Of this amount, IReit will contribute &euro 5.4 million while the tenant will contribute the remaining &euro 2.4 million.
These upgrading works will bring the data centre to a tier 3 rating, which enhances the uptime performance, valuation and future leasing potential of the data centre space at Sant Cugat Green.
This 12-year lease comes about a month after IReit&rsquo s announcement of a 6-year lease extension for 100 per cent at Bonn Campus in Germany. The renewed lease with Deutsche Telekom&rsquo s real estate leasing unit, GMG Generalmietgesellschaft, will expire in April 2029.
The Reit expects these positive leasing activities to &ldquo add strength and stability&rdquo to its portfolio performance on a long-term basis.
Louis d&rsquo Estienne d&rsquo Orves, chief executive of IReit&rsquo s manager, said that since 2016, the data centre space at Sant Cugat Green has not been leased out and is considered structurally vacant.
&ldquo We have managed to fill up the entire space in approximately 2 years after we first acquired a stake in the property towards the end of December 2019 &ndash a great achievement considering the challenging operating environment caused by the Covid-19 pandemic, rising inflation, and geopolitical tensions in Europe.
&ldquo It is a unique opportunity where the tenant not only takes up a long-term lease at our property, but also invests substantially with us. The end product is a high-quality data centre that optimises the value and long-term marketability of Sant Cugat Green,&rdquo he said.
Thank you iReit! Letting you go today as I rebalance my portfolio. Your yield is good but your share price kind of stagnant. Nonetheless, I have gained 6% in capital and dividend since holding you from 2019. A very lousy return actually but it' s ok, at least didn' t lose money and it was quite a scare with the 2 times heavily discounted right issues at .49 and .595 during my holding period. Luckily subscribed heavily both times to bring down holding cost. You are chosen to be let go as you didn' t seem to be making any headway even with CDL onboard. Plus you recently change to Eud dividend and Eud is losing its strength agianst Sgd.
IReit secures 6-year lease extension at Bonn Campus sets up US$1b debt issuance programme
EUROPE-FOCUSED real estate investment trust IReit Global has secured a lease extension of 6 years from its sole tenant at Bonn Campus in Germany, for 100 per cent of the property starting from May 2023.
In a bourse filing on Tuesday (May 17), the real estate investment trust&rsquo s (Reit) manager said its revised lease with Deutsche Telekom&rsquo s real estate leasing unit, GMG Generalmietgesellschaft, will now expire in April 2029.
Rental income for the lease will be about 7.3 million euros (S$10.6 million) per annum.
A rent-free period of 4 months and leasing incentives of 400,000 euros were also granted to GMG as part of the revised lease agreement.
With the lease extension, the manager estimates Bonn Campus&rsquo weighted average lease expiry (WALE) to improve from 1 year as at end-March 2022 to 7.1 years &ndash boosting the Reit portfolio&rsquo s WALE to 4.6 years from to the current 3.7 years.
The manager said it will continue to focus its efforts on asset management to safeguard IReit&rsquo s occupancy rate and future income streams, by securing new leases and lease renewals at the Reit&rsquo s portfolio properties.
This includes Darmstadt Campus where its lease is due to expire in November 2022. Active marketing of the asset&rsquo s spaces is ongoing, said the manager.
&ldquo We are very pleased to keep GMG in our building, a key tenant for us. This is a great outcome,&rdquo said the manager&rsquo s chief executive Louis d&rsquo Estienne d&rsquo Orves.
He however noted a potential slowdown in letting activity within Europe due to the ongoing Russo-Ukrainian war as well as rising interest and inflation rates, which have led to &ldquo significant economic and geopolitical uncertainty&rdquo .
&ldquo We will continue to assess the situation closely and maintain our vigilance, while remaining steadfast in executing our strategy to provide our unitholders with sustainable returns,&rdquo added d&rsquo Estienne d&rsquo Orves.
Separately on Tuesday, IReit&rsquo s manager said it had established a US$1 billion multicurrency debt issuance programme on May 13.
DBS and OCBC have been appointed as the joint arrangers and dealers.
Notes and securities issued under the programme will be offered in Singapore.
Net proceeds raised from future issuances will be used by IReit and its subsidiaries for the refinancing of existing borrowings, as well as the financing or refinancing of potential acquisition and investment opportunities which IReit may pursue in the future.
The proceeds may also be used for the Reit&rsquo s capital requirements and general corporate purposes, including capital expenditures.
IReit keeping eye on Europe uncertainties Q1 portfolio occupancy flat at 95.7%
EUROPE-FOCUSED IReit Global flagged a possible slowdown in the region&rsquo s office letting and investment activity, as the outbreak of war between Ukraine and Russia as well as rising interest rates and inflation have led to &ldquo significant economic and geopolitical uncertainty&rdquo .
In a quarterly business update on Wednesday (May 11), the real estate investment trust&rsquo s manager said while IReit&rsquo s portfolio has not been adversely affected so far, it is &ldquo closely assessing the situation and maintaining its vigilance&rdquo .
The manager also noted that consumer sentiment in France may turn cautious due to the uncertainties in Europe.
IReit&rsquo s portfolio comprises 5 office properties in Germany, 5 office properties in Spain, and 27 retail properties in France.
For the first quarter ended Mar 31, 2022, portfolio occupancy was unchanged from the prior quarter, at 95.7 per cent. The weighted average lease average stood at 3.7 years, down from 3.8 years as at the end of 2021.
Deutsche Telekom, the sole tenant at Bonn Campus in Germany, did not give notification to terminate its lease that is expiring in April 2023. As a result, the lease has been automatically extended by 12 months, and will now expire in April 2024.
IReit&rsquo s manager is in discussions with Deutsche Telekom to explore options to further extend the lease, while also continuing the active marketing of the property.
It is also in &ldquo advanced negotiations&rdquo with a few potential and existing tenants for new leases and renewals.
Given the adoption of flexible working arrangements by companies and the evolving demand for office space, the manager will continue to pursue investment and capital recycling opportunities.
Exactly. Its the reducing DPU which is of concern. Reducing DPU is always a red flag.
HVRRVH ( Date: 28-Apr-2022 12:26) Posted:
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Yes but the reducing of dpu, if persist, will drag down the unit price eventually. I am still holding on to this as the yield is attractive and seems sustainable for now. Also, CDL started to get heavily involved in this reit about couple of years back. They may have some plan in the longer term.
prophetjul ( Date: 28-Apr-2022 12:03) Posted:
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Not so worried about the unit price> The unit price has always been stagnant.
More worried about the reducing DPU. An indication of manager enriching themselves and diluting thye shareholder' s returns?
More worried about the reducing DPU. An indication of manager enriching themselves and diluting thye shareholder' s returns?
HVRRVH ( Date: 28-Apr-2022 11:40) Posted:
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No near term catalyst. The unit price has been stagnant with predictable patterns of going up gradually slighlty before CD and drop gradually slighlty after XD, all within 2 to 3 cents range. The yield is still good but I have reduced my holding by 20% after the last CD.
Anyone worried about the reducing DPU?
DPU for 2020 was Euro cents 3.21 and for 2021 was 2.93
That is almost 9 % reduction.
What is the reason for this in spite of acquiring the new properties?
DPU for 2020 was Euro cents 3.21 and for 2021 was 2.93
That is almost 9 % reduction.
What is the reason for this in spite of acquiring the new properties?
O.k...initially thought there was no payment. BUT waited until end of month (March)..in 1st week of April the Previous months SGX STATEMENT showed the dividend amount. Cross checking with bank statement that same figure appeared as a FAST transaction with a lot of numbers and the word DIVIDEND at the end on the 16th. THERR IS NO WAY to vinnect this credited amount to iReit shares BECAUSE SGX uses an intermediary bank to convert this Euro currency to Sing and than transfer to the subscribers linked bank account. It does notbshow "iReit" at all. ALSO the SGX APP has both iReit Global SG UD1U and the iReit Global Euro as 8U7U. Only the EURO counter which basically is like dormant, shows the DIVIDEND PAYMENT ANNIUNCEMENTs which needs to have been updated on 25Feb2022....which for some reason did not appear in the iReit Global SG counter!!!! (as seen on 8Apr2022).
I guess it would be corrected...but not having this filed announcement in the SGX APP also caused a lot if people tobsearxh when it was EX date, and Pay Date etc.
I guess it would be corrected...but not having this filed announcement in the SGX APP also caused a lot if people tobsearxh when it was EX date, and Pay Date etc.
I have 2 accounts, under CDP recieved it in SGD, under Standard Cht, received on next 1 or 2 working day in Euro account.
xenon672 ( Date: 07-Apr-2022 22:02) Posted:
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7April2022, still not received.
Mine also in liao ^_^
vinc3538 ( Date: 16-Mar-2022 09:56) Posted:
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Most welcome...^^
Good news, the $ came in liao...
Can redeploy these funds...Army soldiers for us..Swee Swee
Cheers
Good news, the $ came in liao...
Can redeploy these funds...Army soldiers for us..Swee Swee
Cheers
whisng ( Date: 16-Mar-2022 08:36) Posted:
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Thanks for the info ^_^
vinc3538 ( Date: 16-Mar-2022 08:10) Posted:
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For div at SRS account , it was credited in ...believe at CDP side, will take couple of day to convert to Sing dollars. and credited to our bank account
yet to receive also....will be fine......
yet to receive also....will be fine......
JustOnce ( Date: 16-Mar-2022 07:33) Posted:
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Maybe its paid out from overseas bank might take a day or two. I hope? lol I just checked and I also have not receive it.
whisng ( Date: 16-Mar-2022 06:57) Posted:
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I also haven' t received mine for this. Anyone can advise?
bestluck09 ( Date: 15-Mar-2022 20:16) Posted:
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