IREIT Global portfolio occupancy up to 91.5% in 1QFY2024, gearing falls slightly to 37%

Jovi Ho
1-min read

IREIT Global has posted higher portfolio occupancy of 91.5% as at end-March, up from 90.4% as at end-2023.

IREIT Global has posted higher portfolio occupancy of 91.5% as at end-March, up from 90.4% as at end-2023. This was driven by new leases and divestment of Barcelona office property Il∙lumina, which has a low occupancy rate of 72.0% as at Dec 31, 2023.

In a business update for 1QFY2024 ended March, the manager of IREIT says weighted average lease expiry has remained flat q-o-q at 4.9 years, while aggregate leverage fell slightly to 37.0% as at end-March, compared to 37.9% at Dec 31, 2023.

Weighted average interest rate, meanwhile, stayed flat q-o-q at 1.9%. IREIT Global Ud1u faces no debt maturity until January 2026, and 97.1% of all bank borrowings are hedged.

During 1QFY2024, IREIT signed some 7,100 sq m of new leases, with 11.1% positive rental reversion. According to the manager, IREIT has a rental escalation of 5.7% year-to-date.

IREIT’s 53 properties have a portfolio valuation of EUR874.5 million ($1.27 billion), down slightly from EUR899.0 million at end-2023. Of IREIT’s portfolio, 44 properties are located in France, five in Germany and four in Spain.

Units in IREIT Global closed flat at 32.5 cents on April 29.

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