- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- See IREIT Global's distribution dates.
Portfolio occupancy remained stable at 94.0%.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-02-23
Previous report by DBS:
2023-08-07 IREIT Global - French Portfolio To Ease The Pressure.
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
