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

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.