IREIT Global has secured two new leases in Spain spanning 5,200 square metres (sqm), bringing its overall occupancy rate in its Spanish portfolio to 83% from 77% previously.
The first lease is for a lettable area of 1,622 sqm from the continued expansion by the existing lead data centre operator within Sant Cugat Green. This will bring the tenant’s total footprint at Sant Cugat Green to over 7,500 sqm, making it the largest tenant in the building and IREIT’s Spanish portfolio.
The second lease is with a Spanish company that has signed a seven-year lease for about 3,550 sqm in Parc Cugat Green, covering the whole ground floor and part of the first floor.
IREIT says that this lease agreement brings the building to full occupancy and improves its weighted average lease break (WALB) to 4 years as at June 30, 2025.
"We are heartened to share that Parc Cugat Green is now fully occupied for the first time since it was acquired in September 2021, and has also reached a WALB of over 4 years. This shows not only the general stabilisation and recovery of the European office market but also the proactive asset management initiatives to drive sustainable returns for our unitholders,” says Peter Viens, CEO of the manager of IREIT Global.
Units in IREIT Global closed flat at 28 cents on July 8.
