Il-lumina sale boosts IREIT Global's portfolio to 91.5% occupancy

Occupancy in 4Q23 was 90.4%.

IREIT Global's divestment of its Il∙lumina property in Spain, along with new leases, boosted its portfolio occupancy to 91.5% in 1Q24.

In 4Q23, the REIT’s portfolio occupancy was 90.4%.

The REIT’s aggregate leverage, however, dipped to 37.0% from 37.9% in 4Q23 due to the repayment of existing borrowings concerning the divestment of Il∙lumina.

IREIT Global divested Il∙lumina for $35.5m (€24.5m).

According to the REIT, the freehold office building in Barcelona, Spain, had a low occupancy rate of 72.0% and a short weighted average lease expiry of 2.7 years.

Post divestment of the property, the REIT now has four assets in Spain with a valuation of €132.0m ($192.4m).

Including its 44 assets in France and five in Germany, the overall valuation of the REIT’s portfolio was €874.5m ($1.3b), down from the 4Q23 record of €899.0m ($1.31b).

Follow the link for more news on

portfolio occupancy

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia