PhillipCapital analyst Tan Jie Hui has maintained her “accumulate” recommendation on iREIT Global, with its 1QFY2021 results “likely in line” as it reported stable portfolio occupancy of 95.9% for the quarter ended March.

Despite lockdowns in Germany and Spain, the impact of Covid-19 on the REIT’s portfolio was limited, says Tan. No rent rebates or deferrals were provided. All of the REIT’s tenants paid their rents in the 1QFY2021, she adds.

With the acquisition of 27 properties from Decathlon in France, iREIT’s assets under management (AUM) is expected to grow by 15.8% to EUR833.5 million ($1.35 billion). The acquisition is expected to reduce iREIT’s reliance on Germany, with the French portfolio expected to contribute 16% to portfolio gross rental income (GRI).

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