IREIT Global (SGX:UD1U) entered into a lease agreement with Premier Inn Hotel to lease out around 10,348 square meters at Berlin Campus as hospitality space, a filing with the Singapore Exchange said on Thursday.
This is the first lease agreement signed by the REIT as part of its strategy to reposition the property into a multi-let and mixed use asset.
The REIT's manager has also submitted a building application to authorities to include around 270 hotel rooms into the Berlin Campus, which will cost around 42 million euros. Refurbishment is expected to commence during the second quarter of 2025.
The lease agreement is for a period of 20 years for an annual rent of around 2.2 million euros.
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