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

READ MORE: CDL hits earnings with $129.7m H2 profits

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!