IREIT Global (SG:UD1U) has released an update.
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IREIT Global has announced that its main tenant, Deutsche Rentenversicherung Bund (DRV), will not extend its lease beyond December 2024, which currently accounts for 20% of IREIT’s gross rental income. Following DRV’s departure, IREIT plans to transform the Berlin Campus into a mixed-use urban precinct under ‘Project RE:O’, potentially increasing rental rates. The company is in exclusive talks with a leading hotel brand to lease a significant portion of the repositioned space for hospitality use.
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