IREIT Global reported income available for distribution of €5.0 million for the six months ended Jun 30, broadly unchanged from the preceding half as higher financing costs offset stronger rental takings.

Gross revenue rose 8.8% to €26.0 million versus 2H2025, while distribution per unit was steady at 0.37 euro cent after a 10% retention for working capital and capital expenditure. The trust did not announce any additional distribution schedules beyond its semi-annual payout.

By asset class, net property income expanded 15.3% to €17.1 million, helped by improved letting activity in both Germany and Spain. Portfolio occupancy (excluding the repositioning Berlin Campus) climbed to 94.4% from 89.4% at end-2025, supported by a new 10-year federal lease at Darmstadt Campus and seven Spanish leases spanning 13,953 sq m.

Higher borrowing costs weighed on the bottom line. Finance expenses increased to €7.0 million following the October 2025 refinancing of the German portfolio and the commencement of new interest-rate swaps in January 2026.

Looking ahead, the manager plans to complete refinancing of the Spanish assets in 2H2026 and continues to advance the €BerCampus rejuvenation, where Phase 1 was 32% complete at end-June and full completion is slated for 3Q2027. Discussions with prospective office tenants for Phase 2 are ongoing to underpin the next round of capital expenditure.

Chief executive Peter Viens said the stable first-half showing reflected disciplined leasing and cost control, though he noted that “higher finance costs continue to weigh on distributions.” He added that active asset management, prudent spending and “disciplined capital management” remain priorities amid a cautious European real-estate backdrop.