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IREIT Global Secures Pivotal Five-Year Lease For Over 3,400 sqm At Il∙lumina Amid Covid-19

IREIT Global Secures Pivotal Five-Year Lease For Over 3,400 sqm At Il∙lumina Amid Covid-19

June 18, 2020 — The board of directors of the manager of IREIT Global announced that it has successfully secured a major five- year lease for approximately 3,450 sqm of office space with ÁREAS, S.A.U. (“AREAS”) at the Il∙luminia property located in Barcelona, Spain despite the Covid-19 lockdown. AREAS is one of the global leaders in food and beverage services.

Founded in 1968, AREAS offers a wide range of services designed for national and international travellers through 91 airports, 84 railway stations and 227 motorway service plazas. AREAS serves around 340 million customers each year through its 2,100 restaurants and stores across 12 countries in Europe and United States. The company is the market leader in Spain and France and is the third largest provider of travel food and retail services worldwide.

The new lease with AREAS represents one of the largest known rental transactions in Barcelona, Spain year-to-date and will significantly increase the overall occupancy rate of Il∙lumina from 69.2% as at 31 March 2020 to 86.4% on a pro forma basis.

Since the completion of the acquisition of a 40% stake in the portfolio of four Spanish office properties in Madrid and Barcelona, Spain, the Manager has been actively exploring different avenues to bring the under-rented properties nearer to market levels and to increase the occupancy rate through active asset management. 

Read more here..

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