IREIT leases 12% of Berlin Campus to Stayery for 255 guest rooms

This marks its second major lease contract at the property within a month.

IREIT Global (IREIT) has signed a lease agreement with BD Apartment GmbH (Stayery) for about 10,600 square metres of gross floor area (GFA), representing 12% of the net lettable area (NLA) at the Berlin Campus, to operate around 255 guest rooms.

This marks its second major lease contract at the property within a month, following the first lease secured with the UK’s hotel chain, Premier Inn, towards the end of November 2024.

This also places IREIT on track with its execution plans to reposition the Berlin Campus into a multi-let and mixed-use asset with office, retail, and hotel components.

Stayery is a modern serviced apartment concept that has a growing presence in Germany.

Similar to Premier Inn, the lease agreement with Stayery has a long lease duration of 20 years with no break option, step-up rents in the first three years, and annual CPI indexation starting from the fourth year.

The tenant is expected to start operating by the first half of 2027 and pay an initial annual rent of approximately $3.8m (€2.7m).

This rent will grow to approximately $4.2m (€3m) at the end of the three-year step-up period.

The estimated capital expenditure for this tranche of refurbishment works is $56.4m (€40m), of which $42.3m (€30m) relates directly to Stayery and the remaining $14.1m (€10m) relates to the optionality for certain refurbishment and demolition works on the roof, façade, lifts, and ground floor office lobby to support further letting activities and project delivery.

This brings the total cumulative capital expenditure for the repositioning of the Berlin Campus to $115.7m (€82m).

($1 = €0.71)

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