Singapore REIT IREIT Global has been served with a formal statement of claim by its former main tenant at Berlin Campus, Deutsche Rentenversicherung Bund (DRV).
The dispute is over EUR8,425,814.63, and it has escalated into full litigation proceedings.
The statement of claim, known in German as an Anspruchsbegründung, was filed with the regional court, or Landgericht, of Berlin and served on 19 May 2026 upon wholly-owned subsidiaries of IREIT that hold Berlin Campus.
DRV is continuing to seek repayment of EUR8,425,814.63, with interest at a rate of nine percentage points above the base interest rate accruing since 27 June 2025.
Related: IREIT Global faces EUR8.4 million claim from German tenant over dilapidation costs
The litigation follows earlier correspondence flagged in the REIT's announcement of potential litigation dated 28 July 2025 and a subsequent update on 11 September 2025.
The matter was also disclosed in IREIT's full-year results for the year ended 31 December 2025, released on 26 February 2026.
IREIT has appointed GSK Stockmann Rechtsanwälte Steuerberater Partnerschaftsgesellschaft mbB as its legal counsel.
The REIT noted that DRV's statement of claim relies primarily on arguments already set out in the pre-trial correspondence, with no new material grounds introduced.
The Regional Court has instructed the REIT’s subsidiaries to submit a written notice of defence within two weeks of service of the statement of claim, followed by a full statement of defence within a further two weeks.
These subsidiaries and their counsel are currently preparing their formal statement of defence, and a request has been made to extend the submission deadline from 16 June to 16 July 2026.
IREIT noted that the Regional Court has not yet examined the merits of DRV's statement of claim.
In consultation with its legal counsel, the REIT maintains its position that the claim is unlikely to succeed and that the subsidiaries have a high chance of successfully defending against it.
IREIT Global was last done on the Singapore Exchange at SGD0.23, which presently implies a distribution yield of 7.09% according to data on the Singapore REITs table.
[else]Dear members, please login to continue reading this article.
Login or sign-up for a free 25-day trial here. Why subscribe?
[/s2If]