SINGAPORE (Aug 10): IREIT Global announces distribution per unit (DPU) of 1.60 cents for 2Q16, an increase of 45.5% compared to the same period last year.

This was mainly due to contribution form IREIT’s Berlin Campus, which was acquired in August 2015.

The first Singapore-listed real estate investment trust focused on European office properties, IREIT Global saw distributable income soar 47.0% to 6.4 million euros ($9.6 million) in 2Q16, from 4.4 million euros last year.

For first half 2016, distributable income rose 46.9% to 12.8 million euros, and DPU grew 43.9% to 3.18 cents.

Based on IREIT’s closing unit price of 73 cents on 30 June 2016, 1H16 DPU translates to an attractive annualised yield of approximately 8.7%, IREIT Global says in an SGX filing on Wednesday.

Gross revenue increased 57.4% to 8.5 million euros, and net property income grew 57.0% to 7.6 million euros.

“We are pleased to turn in yet another stable set of results this quarter,” says IREIT CEO Itzhak Sella. “All our properties continue to deliver steady performance for the first half of 2016.”

As at the end of 1H16, IREIT’s total portfolio occupancy rate remained at almost 100% and the weighted average lease expiry stood at 6.4 years.

While IREIT says the impact of Brexit is as yet uncertain, it expects the performance of its property portfolio to “remain stable, underpinned by its freehold quality assets, long stable leases and diversified blue chip tenant base”.

“We remain optimistic that the underlying strength of the German economy as well as the quality of its properties will enable IREIT to continue delivering stable income to its Unitholders for FY2016,” Sella says.

Units of IREIT Global closed 0.66% lower at 75.5 cents on Wednesday.