Il-lumina sale boosts IREIT Global's portfolio to 91.5% occupancy

Occupancy in 4Q23 was 90.4%.

IREIT Global's divestment of its Il∙lumina property in Spain, along with new leases, boosted its portfolio occupancy to 91.5% in 1Q24.

In 4Q23, the REIT’s portfolio occupancy was 90.4%. 

The REIT’s aggregate leverage, however, dipped to 37.0% from 37.9% in 4Q23 due to the repayment of existing borrowings concerning the divestment of Il∙lumina.

IREIT Global divested Il∙lumina for $35.5m (€24.5m).

According to the REIT, the freehold office building in Barcelona, Spain, had a low occupancy rate of 72.0% and a short weighted average lease expiry of 2.7 years.

Post divestment of the property, the REIT now has four assets in Spain with a valuation of €132.0m ($192.4m).

Including its 44 assets in France and five in Germany, the overall valuation of the REIT’s portfolio was €874.5m ($1.3b), down from the 4Q23 record of  €899.0m ($1.31b).