IREIT Global has announced the placement of its inaugural $85 million green notes, which will be used to fund the transformation of its Berlin Campus into a mixed-used asset.
The green notes have been priced at 6% and due in 2028. It is issued under its US$1 billion multicurrency debt issuance programme which was established in May 2022.
The REIT says that net proceeds from the green notes have been earmarked to fund the initial transformative stage of Project RE:O, the construction of its Berlin Campus from a single-let office building into a multi-asset destination with office, hospitality and retail components.
Constructions for this first phase of repositioning works will commence in 2Q2025, with completion set for early 2027. The REIT received the official building permit for the construction of the Berlin Campus on Apr 10.
Units in IREIT Globalclosed flat at 24 cents on May 14.
