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.