<div id="readability-page-1"><div>[SINGAPORE] The absence of property income as a result of the repositioning of IReit Global’s office asset in Berlin is expected to have a “significant impact” on the real estate investment trust’s (Reit) distributions to unitholders.On Thursday (Nov 20), the Europe-focused Reit said in a business update for its third quarter ended Sep 30 that construction works which began in the second quarter of 2025 is progressing according to schedule. The first phase of the project is expected to be completed by Q2 2027. There are ongoing discussions with two potential office tenants to secure a lease commitment for a substantial portion of the office space by the first quarter of next year. IReit added that, excluding the Berlin Campus, it had achieved a portfolio occupancy of 89 per cent as at Sep 30, lower than the previous quarter’s 89.5 per cent.The weighted average lease expiry, which measures the average remaining time on all leases within a property, stood at 5.6 years, also down from 5.8 years in Q2 2025. The total valuation of its portfolio came to 859.8 million euros (S$1.3 billion).IReit said that the European real estate market has improved in 2025, even though the growth has moderated in light of the global macroeconomic and geopolitical uncertainties which have tamped down investors’ sentiment. Low unemployment, stabilising inflation and planned increase in defence spending are expected to support growth in the region, it added. The manager noted that it will stay proactive regarding leasing, to improve IReit’s portfolio occupancy rate and diversify its tenant mix. It is also exploring avenues to optimise the portfolio yield, including through acquisition and capital-recycling activities. Units of IReit Global closed flat at S$0.29 on Thursday.</div></div>

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IReit Global 对其柏林办公资产的重新定位预计将对单位持有人的分配产生重大影响。建设于 2025 年第二季度开始，第一阶段预计在 2027 年第二季度完成。与潜在租户的讨论正在进行中。截至 9 月 30 日，投资组合的入住率为 89%，低于上一季度的 89.5%。欧洲房地产市场有所改善，得益于低失业率和通胀稳定。IReit 专注于租赁、租户多样化和优化投资组合收益。单位收盘持平，报 0.29 新加坡元

IREIT Global 在柏林资产的重新定位将对每单位分派（DPU）产生 ‘重大影响’