IREIT Global DPU up 1.6% in 2024

DPU in the second half of 2024 remained at 0.94 euro cents.

IREIT Global Group Pte. Ltd, the manager of IREIT Global, reported that its distribution per unit (DPU) increased by 1.6% in 2024 to 1.90 euro cents, driven by the end of rent-free periods, higher interest income, and lower expenses.

The group’s H2 2024 DPU remained unchanged at 0.94 cents.

Full-year gross revenue increased by 16.3% from €64.97m ($91.21m)  to €75.57m ($106.09m) mainly due to a full-year contribution from B&M Portfolio in France, higher rents from Darmstadt Campus and Berlin Campus, and the recognition of dilapidation cost payable by the main tenant at the main tenant at Berlin Campus.

Income to be distributed increased by 1.5% year-on-year to €25.6m ($35.94m), supported by the absence of rent-free in FY2024 that was granted to tenants in FY 2023, higher interest income, lower administrative costs and other trust expenses, though partially offset by the retention of dilapidation cost totalling €10.3m ($14.46m) for the repositioning of Berlin Campus. 

Meanwhile, the group also announced that The Manager is working to secure the best financing for the Berlin Campus repositioning whilst also negotiating with banks to refinance IREIT’s German and Spanish debt by mid-2025. Once completed, IREIT will have no debt due until July 2027, though financing costs are expected to rise due to high interest rates.