SINGAPORE (July 2): Analysts are taking a second look at the Europe-focused IREIT Global (IREIT), for its resilience during the Covid-19 pandemic that has caused deep wounds in several real estate operators.

“IREIT’s predominantly blue-chip tenant base has minimised the impact from the ongoing Covid-19 pandemic,” observe UOB Kay Hian analysts Nicola Ho and Jonathan Koh in an unrated July 1 report.

IREIT is the first REIT listed on the Singapore Exchange that is focused purely on European properties. Its portfolio comprises nine freehold office assets in Germany and Spain which account for 91.2% and 8.8% of its assets under management.

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