IREIT Global has landed its largest German office lease for 2026 thus far, but a closer look at the terms of the lease could indicate near-term dilution for unitholders before the new income is realised.
The Singapore-listed REIT announced on 7 September 2026 that Berliner Verkehrsbetriebe (BVG), Berlin's main public transport operator, has agreed to take 39,419 square metres at its Berlin RE(O Campus and make it BVG's headquarters under a 25-year lease.
It is the largest office letting in Germany so far in 2026 and the biggest in Berlin since 2020, based on space leased, and it lifts occupancy at an asset that had long struggled with vacancy, said the REIT.
But two details will matter far more to unitholders than the headline square footage.
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