IREIT Global reports 89% portfolio occupancy
IREIT Global reported an 89% portfolio occupancy with a valuation of $1.30 billion as of 30 September 2025. France's portfolio is fully leased, while Germany's weaker occupancy affects income. Over 60% of leases extend beyond 2030. Aggregate leverage increased to 41.3% due to $128.4 million in green notes. The weighted average interest rate rose to 3.1%, expected to reach 4.4%. The Berlin Campus redevelopment, costing $249m–S$272m, began in Q2 2025, with tenant commitments expected by Q1 2026.
Its portfolio was valued at $1.30b (€859.8m) as at 30 September.
IREIT Global reported a portfolio valuation of $1.30b (€859.8m) as at 30 September 2025, with portfolio occupancy at 89.0%.
France remained fully leased, whilst weaker occupancy in Germany continued to influence income performance. More than 60% of leases extend beyond 2030, supporting medium-term visibility.
Aggregate leverage rose to 41.3%, driven by the issuance of $128.4m (€85m) in green notes, bringing gross borrowings to $619.5m (€410.2m).
The weighted average interest rate increased to 3.1% and is expected to reach 4.4% once swaps are fully in place. Interest coverage narrowed to 4.0x, whilst 97.5% of debt remains hedged.
The Berlin Campus redevelopment remains the key factor weighing on near-term distributions. The $249m–S$272m (€165m–€180m) programme commenced construction in Q22025, with the first phase targeted for 2027. Management is in discussions with prospective office tenants, with commitments expected by Q12026.
(1 EUR equals 1.51 SGD)
