iREIT Global - RHB Invest 2023-04-26: Work In Progress

• IREIT Global (SGX:UD1U)’s 1Q23 business update showed a slight dip in portfolio occupancy. It recently secured a government tenant that will take up a quarter of the vacant Darmstadt campus (DC) on a long lease. While positive, leasing progress has been slightly behind our expectations, underscoring market challenges.
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• IREIT Global's balance sheet remains robust and valuations are fair.

The State of Hesse has signed a 15-year lease

• The State of Hesse has signed a 15-year lease for ~25% of Darmstadt campus (6,200 sqm of office space, 1,400sqm of data centre space) which has been vacant post the exit of its former sole tenant Deutsche Telekom (DT) in end 2022.
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• IREIT Global is currently in active engagement with several prospective tenants, and expects the lease signing to spur interest for this asset. IREIT Global’s overall portfolio occupancy rate dipped slightly in 1Q23 to 87% (FY22: 88.3%), due to lower occupancy rates at its Spanish assets. With this new lease, the overall occupancy rate should rise to 89%.

Berlin Campus lease renewal the next major hurdle.

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Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-04-26 SGinvestors.io

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