IREIT’s portfolio occupancy slightly rises to 90.4% in 3Q23

In 2Q23, occupancy was at 88.7%.

SGX-listed IREIT Global saw a slight improvement in its portfolio occupancy in 3Q23, rising to 90.4% from 88.7% in the previous quarter.

In a bourse filing, the REIT attributed its higher portfolio occupancy to the addition of 17 retail properties in France occupied by European discount retailer B&M Group (B&M Portfolio) and higher occupancy of its Spanish portfolio.

New bank borrowings drawdown for the B&M Portfolio acquisition also pushed the REIT’s aggregate leverage up to 34.4% from 33.1% in 2Q23.

Meanwhile, the REIT’s weighted average lease expiry (WALE) stood at 4.9 years, lower than the 2Q23 record of 5.0 years.

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