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

Follow the link for more news on

City Developments Limited

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia