- IREIT Global (SGX:UD1U) remains a potential privatisation candidate with a sharp dislocation in IREIT Global's share price trading at a ~60% discount to book value.
- - Read this at SGinvestors.io -
- IREIT Global could divest a partial stake in the project to reduce funding requirements and unlock value.
Redevelopment of the Berlin campus
- - Read this at SGinvestors.io -
- The office space is receiving good leasing enquiries with interest from two large prospective tenants that could result in full committed occupancy. This is on the back of continued flight-to-quality and its strategic location in Central Berlin (500m from main railway station and 20-minute drive to airport).
- Total projected capex is EUR165-180m, including the earlier announced EUR82m capex for two hospitality leases. Capex will be funded in stages with a corresponding increase in asset value expected, thereby reducing gearing pressure. IREIT Global will also explore monetisation of a partial stake post securing leases, which could reduce funding needs and unlock value.
- The proposed redevelopment is subject to unitholders’ approvals at its EGM on 24 Apr. We recommend that unitholders vote in favour of the transaction.
Leasing interest slowly picking up
- Read more at SGinvestors.io.
