Ireit Global gets 12-year lease at Sant Cugat Green

The new lease is over 5,300 square metres of vacant data centre space.

City Developments Limited’s co-owned subsidiary, Ireit Global, secured a new 12-year lease for over 5,300 square metres of vacant data centre space at Sant Cugat Green, Spain, which represented over 20.4% of the total lettable area at the property.

Ireit, which City Developments co-owns with asset management group Tikehau Capital, said the new lease agreement also has a two-year renovation phase from 20 June 2022 and a break option at the end of the eighth year on 19 June 2030.

Initial yearly rent is priced at over $1.027m (EUR0.7m) and “comes with an annual rent indexation based on a 3% margin above the consumer price index in Spain.”

The tenant of the new lease is a joint venture between two Spanish firms which have operations in information technology and power electronics markets.

With this new lease, the occupancy rate of Sant Cugat Green would be up from 77.1% to 97.2%, on a pro forma basis whilst the weighted average lease expiry of Sant Cugat Green would improve from 3.6 years to five years.

$1 = EUR0.68

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