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, ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2445071700?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-06-24 01:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2445071700","market":"other","top_or_hot":-1,"title":"IREIT Global confirms key tenant vacating Berlin property, may top up distribution in interim","media":"The Edge Singapore ","content":"<div>\n<p>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, ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/ireit-global-confirms-key-tenant-vacating-berlin-property-may-top-distribution-interim?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IREIT Global confirms key tenant vacating Berlin property, may top up distribution in interim</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIREIT Global confirms key tenant vacating Berlin property, may top up distribution in interim\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-24 01:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/reits/ireit-global-confirms-key-tenant-vacating-berlin-property-may-top-distribution-interim?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>The Edge Singapore </strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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, ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/ireit-global-confirms-key-tenant-vacating-berlin-property-may-top-distribution-interim?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DRV","symbol_name":"三倍做空房地产ETF-Direxion","start_time":0,"source_url":"https://www.theedgesingapore.com/news/reits/ireit-global-confirms-key-tenant-vacating-berlin-property-may-top-distribution-interim?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2445071700","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2445071700","pubTimestamp":1719163250,"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"The tenant contributes 20% of the REIT's gross rental income","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DRV":"三倍做空房地产ETF-Direxion","CFA.SI":"NikkoAM-STC Asia REIT"},"translate_title":"IREIT Global确认主要租户腾空柏林房产，可能会在中期补充分配","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DRV":1,"CFA.SI":0.9},"content_text":"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, will not be extending its lease which is expiring on Dec 31.\nAs such, IREIT Global Ud1u plans to reposition the Berlin property into a mixed-used urban precinct with flexibility for office space, hospitality space, retail, conference facilities and health and wellness.\nThe possible departure of DRV has been flagged by the REIT earlier.\nAccording to the REIT's manager, it is in talks with a \"leading hotel brand\" and long-stay hospitality operators to lease the hospitality space.\n“The departure of DRV presents the unique opportunity for us to revitalise the property and enhance its value proposition in the market. 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":null,"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":"4.29.1","shortVersion":"4.29.1","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"}