IREIT Global - DBS Research 2024-02-23: French Acquisition At An Opportune Time

• In FY23, IREIT Global (SGX:UD1U)’s NPI experienced a 2.3% increase, primarily attributed to the acquisition of the B&M portfolio on 5 September 2023. The B&M portfolio, acquired at a total cost of €76.8m, comprises 17 fully leased retail assets to B&M, a prominent discount retailer in Europe.
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• The funding for this strategic acquisition was facilitated through a preferential offering.

FY23 DPU of 1.87 euro cents, slightly below our estimates.

• IREIT Global's FY23 DPU of 1.87 euro cents was ~1.6% below projections and marked a y-o-y decrease ~30.5%. This decline was mainly attributed to an enlarged unit base resulting from preferential offering, along with vacancies at the Darmstadt Campus and rent-free periods granted for GMG's lease extension at the Bonn Campus. Rent-free periods amounted to €0.4m and €2.5m for tenants at Bonn Campus and Darmstadt Campus, respectively.
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• See IREIT Global's distribution dates.

Portfolio occupancy remained stable at 94.0%.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-08-11 IREIT Global - Impacted By The Vacancy At Berlin Campus; Repositioning To Bear Fruit In FY27.

Previous report by DBS:
2025-02-28 IREIT Global - All Eyes On Berlin.

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 Dividend Payout Dates & Corporate Actions,
IREIT Global News