IREIT Global secures building permit for Berlin Campus upgrade

The first phase of the upgrade is set to be completed in 2027.

IREIT Global has obtained the official building permit from the local government to upgrade its Berlin Campus.

Located near the Ostkreuz train station in Berlin-Lichtenberg, the campus will be redeveloped to feature two hotels, curated restaurants, and lifestyle amenities.

In 2024, IREIT secured two major lease agreements for the hospitality offerings at the Berlin Campus, including a 20-year lease with the UK’s Premier Inn and another 20-year lease with BD Apartment GmbH (Stayery).

With these agreements, the REIT has secured leases generating about 45% of the rental income previously earned from sole tenant Deutsche Rentenversicherung (DRV), whilst occupying only 24% of the property’s lettable area.

In addition, the REIT has ongoing discussions with two prospective high-quality tenants for a substantial portion of the campus.

Initial construction preparations began earlier this year, following DRV’s departure at the end of 2024 upon lease expiry. Official works are set to begin in Q2 2025, pending unitholder approval at an extraordinary general meeting on 24 April.

The first phase of construction is expected to be completed in early 2027. This phase will include the conversion of the campus’ southern corner for hospitality use by Premier Inn and Stayery and relocating the main entrance hall to a new central position.

"We are creating a future-ready property that brings together high-quality workspaces, hospitality, and lifestyle offerings to meet the evolving needs of tenants and the local communities,” Peter Viens, CEO of IREIT Global Group, said.