The manager of IREIT Global says that the REIT has obtained an official building permit for the construction of its Berlin campus into a mixed-used asset, according to a filing dated Apr 10.
The Berlin campus is presently a single-tenant, single-use office asset which IREIT Global intends to transform into a mixed-used asset for office, retail and hospitality tenants.
The REIT says that it has secured two major lease agreements for the repurposed campus. In November, it signed a 20 year lease with Premier Inn for a 270-room hotel spanning over 10,000 square metres (sqm), 12% of the campuses’ total net lettable space.
In December, it signed a 20-year lease agreement with BD Apartment for over 10,000 sqm for 255 guest rooms, also accounting for 12% of the total space.
The REIT expects to begin construction at the Berlin campus in 2Q2025.
Units in IREIT Global closed 1 cent higher or 4.44% up at 23.5 cents on Apr 10.
