SINGAPORE (June 18): The manager of IREIT Global announced on Thursday that it has secured a five-year lease for some 3,450 sqm of office space with AREAS, S.A.U. at the Il∙luminia property in Barcelona, Spain. This comes amid the slowdown in leasing activity owing to the Covid-19 pandemic and consequent lockdown in the country.

Il∙luminia will be home to the new headquarters for AREAS.

Year to date, the new lease with AREAS represents one of the largest known rental transactions in Barcelona, Spain year-to-date. The lease will also significantly increase the overall occupancy rate of Il∙lumina to 86.4% from 69.2% as at March 31, on a pro forma basis.

AREAS, which is founded in 1968, is one of the global leaders in the food and beverage (F&B) industry. It offers a wide range of services for national and international travellers through airports, railway stations, motorway service plazas, as well as restaurants and stores across Europe and the US.

According to the manager, AREAS will be establishing its new headquarters at this property, which is located just five kilometres away from Barcelona’s financial district.

IREIT acquired a portfolio of four office properties in Spain for a 40% stake in December 2019, which marked IREIT's entry into Spain.

See: IREIT Global to acquire 4 office buildings in Spain in joint venture with Tikehau Capital

Units in IREIT Global closed 0.5 cents higher, or 0.7% up, at 73.5 cents on Wednesday.