IREIT Global confirms key tenant vacating Berlin property, may top up distribution in interim

The Edge Singapore 06-24

The tenant contributes 20% of the REIT's gross rental incomeIREIT Global Group says a key tenant Deutsche Rentenversicherung Bund (DRV), which contributes around 20% of its total gross rental income, ...

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We believe the repositioned Property could benefit from substantially increased rent rates (as compared to its current rent),\" says Louis d’Estienne d’Orves, CEO of the manger.\n\"We are also in exclusive discussions with a leading hotel brand and long-stay operator to lease about a quarter of the total lettable space,\" he adds.\n\"We believe this strategic repositioning will provide contemporary and versatile spaces, and ensure sustainable value and diversification for IREIT in the long-term,\" he says.\nAccording to IREIT, it is now exploring ways to mitigate the expected decrease in distributions per unit while works for the repositioning of the property are on-going. \nThey include making one or more top-up distributions during the repositioning works from the proceeds from the divestment of Il∙lumina and/or the dilapidation costs payable by DRV under the terms of its lease.\nLast July, as part of the lease extension to December 31, DRV had agreed to pay a revised rent some 45% higher than its current office rent from July 1 onwards.\nIn addition, DRV will pay a lump-sum amount of €15.5 million by June 30, equivalent to over 16 months of its total current rent, as compensation for the dilapidation costs to reinstate Berlin Campus back to its original state.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2445071700"}