- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-04-26
Read also RHB's most recent report:
2023-06-05 IREIT Global - Going Out-Of-Town Retail.
Price targets by other brokers at IREIT Global Target Prices.
Listing of research reports at IREIT Global Analyst Reports.
Relevant links:
IREIT Global Share Price History,
IREIT Global Announcements,
IREIT Global Dividends & Corporate Actions,
IREIT Global News Articles
