IREIT Global has reported a portfolio occupancy of 88.7% as at end March, down from the 91.5% reported in the same period a year ago. This is higher than the 88.5% reported as at end Dec, 2024.

This figure excludes its Berlin Campus which is planned for repositioning in 2025.

The REIT's weighted average lease expiry (WALE) as at end March stood at 5.7 years, based on gross rental income for the reporting period. This is lower than the 5.9 years reported in the previous quarter.

IREIT's aggregate leverage for the reporting period came in at 37.7%, which is lower than S-REITs office subsector average of 44.4%, and overall S-REITS sector average of 39.6%.

The REIT has gross borrowings outstanding of EUR354.1 million as at March 31, 2025. Interest coverage ratio came in at 6.7 times.

Its weighted average interest rate came in at 1.9% as at end March.

The repositioning of its Berlin Campus into a multi-let mixed-used asset has received approval from unitholders at the EGM at the end April. Construction works will begin in 2Q2025, and the manager of the REIT has secured long term leases with two hospitality operators taking up about 24% of the lettable area.

The campus is expected to be completed in 4Q2027, and total projected capital expenditure is between EUR165 million to EUR180 million.

During the repositioning period, the absence of income from Berlin Campus is expected to have a significant impact on IREIT's distributions to unitholders, says IREIT.

Units in IREIT Globalclosed flat at 23 cents on Apr 29.