Singapore-listed, Europe-focused office REIT, IREIT Global (SGX:UD1U), announced on 13 November that it has achieved a distributable income and distribution per unit (DPU) of EUR5.6 million and 1.41 Singapore cents respectively for its 3Q 2015.

The figures represent an increase of 28.4% and 28.2% respectively from the previous quarter. However DPU for 3Q 2015 missed the forecast of 1.75 Singapore cents made during IPO by 19.4%.

As compared to 2Q 2015, gross revenue for the quarter rose by 36.4% to EUR7.3 million versus EUR5.4 million for 2Q 2015 while net property income at EUR6.5 million was correspondingly higher by 34.3%. “The strong performance was mainly due to the contribution from the Berlin Campus that was acquired in August 2015”, said the REIT in its statement on the results.

“The full contribution of the Berlin acquisition will be felt in the next quarter as IREIT completed this acquisition mid-quarter on 6 August 2015”, said Itzhak Sella, CEO of the REIT. “Adding the Berlin Campus, a good quality freehold property of such a considerable size into IREIT’s existing portfolio, gave us a huge boost, so we are able to provide greater stability and superior returns to our unitholders”, he added.

IREIT’s aggregate portfolio occupancy was at 99.8% as of 30 September 2015 with a weighted average lease expiry (WALE) by gross rental income of 7.0 years. Total debt was at EUR198.6 million with an effective interest rate of 2.0% while aggregate leverage ratio was at 43.4%.

IREIT Global currently has a portfolio five freehold properties located in the German cities of Berlin, Bonn, Darmstadt, Münster and Munich with net lettable area of 200,603 square metres and 3,441 car park spaces.

Units of IREIT Global fell by about 0.7% at the close of the trading day on the Singapore Exchange to end at SGD0.675.