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IREIT To Fill All Five Floors Of Office Space at Münster Campus

November 29, 2021 – IREIT Global announced that the Manager has secured a new lease with a German federal government body to take up all five floors of office space to be vacated by the existing key tenant, GMG Generalmietgesellschaft mbH (“GMG”), at Münster Campus when its lease expires in March 2022.

The new tenant is a municipal association of 27 cities and districts from the region “Westfalen-Lippe” and operates 35 special schools, 21 clinics, care centres as well as 18 museums, scientific institutions for the study of cultural heritages and other cultural institutions.

It is also one of Germany’s largest associations offering aid to people with disabilities and is considered one of the largest and best-known employers in Münster, with a total of approximately 18,000 employees.Under the lease agreement, the new tenant will take up one upper floor at Münster North building and four upper floors at Münster South building via a two-step process – one upper floor at Münster South building starting from 1 April 2022 and the remaining four floors starting from 1 September 2022.

The lease with the new tenant, which is secured at rental rates similar to GMG’s lease, will expire on 31 December 2027 and incorporates two prolongation options of five years each. In addition, the tenant has been granted an option to occupy two additional floors at Münster North building if the space becomes available.

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