REIT AsiaPac

Sign up for our FREE news and magazine on Asia Pacific REITs

Singapore REITs

IREIT Clinches A Six-year Lease Extension At Bonn Campus

May 17, 2022 – IREIT Global (IREIT), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd., announced that it has successfully secured a lease extension of six years with GMG Generalmietgesellschaft mbH (GMG), a subsidiary from Deutsche Telekom and the sole tenant at Bonn Campus, for 100% of the property starting from May 2023.

Further to the automatic 12-month extension of the lease with GMG at Bonn Campus in April 2022, the Manager has continued to engage GMG and explore options to further extend the lease.

This has culminated in the current six-year lease extension agreed with GMG. Under the revised lease agreement which supersedes the 12-month lease extension in April 2022, the lease with GMG at Bonn Campus will now expire in April 2029.

Mr. Louis d’Estienne d’Orves, Chief Executive Officer of the Manager, said, “We are very pleased to keep GMG in our building, a key tenant for us. This is a great outcome. The six-lease lease extension clearly demonstrates the long-term attractiveness of Bonn Campus.”

“Our strong focus on active asset management has also paid off, as the lease extension will significantly improve IREIT’s lease expiry profile.”

Read more here..

Related News