IREIT Global - RHB Invest 2025-01-02: In A Transitory Phase; Keep BUY

• IREIT Global (SGX:UD1U) is undergoing a major transition with the upcoming redevelopment of its largest asset, Berlin Campus (BC).
• While near-term (FY25-26F) IREIT Global's DPU will be impacted as a result, we believe this redevelopment offers the best path to unlock long-term value and diversify its income base.
• - Read this at SGinvestors.io -

Project RE:O: off to a good start.

• - Read this at SGinvestors.io -
• Considering BC’s prominent location in the city centre, the significant under-rented nature of the asset, as well as the changing office market landscape, IREIT Global plans to reposition BC into a mixed-use facility comprising offices (70% of GFA), two hospitality operators (~12% GFA each) and retail (5%).

Signed two 20-year hospitality leases

• Read more at SGinvestors.io.

Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2025-01-02 SGinvestors.io

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