IREIT Global's 1H2025 results were primarily impacted by the full vacancy at Berlin Campus as the manager begins its repositioning project.
Gross revenue for 1H2025 decreased by 27.5% y-o-y to EUR26.6mil, while net property income (NPI) fell by 33.3% y-o-y to EUR18.0mil. The decline in both metrics was a direct result of the vacancy at the Berlin Campus following the expiry of the main tenant Deutsche Rentenversicherung Bund (DRV)’s lease on 31 December 2024.
The results are in line with our expectations given the well-communicated repositioning strategy.
- Read this at SGinvestors.io -
- Read this at SGinvestors.io -
Occupancy at rest of the portfolio improved 0.8ppt q-o-q.
Portfolio occupancy, excluding the vacant Berlin Campus, was 89.5% as of 2Q25. The Spanish portfolio saw a positive trend, with its occupancy rate increasing from ~77% to ~80% after securing new leases at Sant Cugat Green and Parc Cugat Green. The office space at Parc Cugat Green is now fully occupied for the first time since its acquisition.
The WALE for the portfolio, excluding the Berlin Campus, improved slightly to 5.8 years from 5.7 years q-o-q. The increase was a result of new leases and lease extensions signed in 1H25.
Portfolio valuations improved ~0.5% y-o-y.
Read more at SGinvestors.io.
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/.
