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).


To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook